BP announced on Friday that power has been restored at its refinery in Whiting, Indiana, with operations now stabilized. However, market sources suggest that it may take a few more days before production resumes.
Earlier this week, BP had to halt operations at the refinery due to a power outage. But as of Friday, the company has reopened office buildings and roads within the complex. Air quality is being consistently monitored, with no concerning readings reported. All personnel have been accounted for, and fortunately, no injuries were reported during the incident.
In the Midwest spot refined products market, Chicago prices continue to rise. Buckeye Complex CBOB’s differential to futures saw an increase of over 7 cents in a reported trade.
For Buckeye Complex February Cycle 1 CBOB, it changed hands at a price 20 cents below the NYMEX March RBOB contract, 7.5 cents narrower than Thursday’s average. The cash price rose by 2.99 cents to $1.9497/gal as of 10:55 a.m. ET.
Group 3 sub-octane gasoline (V-grade) was traded on Friday at a price 33 cents below the March RBOB contract, which widened by 1.5 cents from Thursday. Due to the weaker differential and softer futures, the implied price declined by 6.01 cents to $1.8197/gal.
Chicago Comprehensive February Cycle 1 ULSD continued to have a discount of 14.75 cents below the NYMEX March ULSD contract, remaining unchanged since Thursday.
Implied prices followed futures, decreasing by 5.1 cents to $2.5144/gal.
Group 3 ULSD (X-grade) had a 46.5 cent discount compared to the March ULSD contract, narrowing by 4 cents from Thursday. The implied price reached $2.1969/gal, decreasing by 1.1 cents.
–Reporting by Jason Titze; Editing by Jeff Barber
