Gasoline, diesel futures rise as cold causes refinery shutdowns

|By:, SA News Editor

Gasoline and diesel futures rose sharply today as frigid temperatures caused refinery shutdowns across the U.S., sparking concerns about refined product supplies.

The record arctic chill froze pipes and caused air pressure problems for refiners such as Valero (VLO), whose 195K bbl/day refinery in Memphis was said to have had a shutdown because of the weather, and Exxon (XOM), whose 238K bbl/day refinery outside Joliet, Ill., also experienced equipment problems.

But even as U.S. natural gas demand reached a record for the second day in a row, traders already a starting to send spot prices lower since demand is bound to ease soon.

ETFs: UNG, UGAZ, GAZ, BOIL, DGAZ, UNL, KOLD, NAGS, GASZ, DCNG.