Gasoline, diesel futures rise as cold causes refinery shutdowns


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.

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Comments (5)
  • Hank890
    , contributor
    Comments (2261) | Send Message
     
    It is still early January. We could have additional bouts of very cold before spring,...easily.
    7 Jan 2014, 06:20 PM Reply Like
  • SoldHigh
    , contributor
    Comments (991) | Send Message
     
    Sounds like a very short term problem.
    7 Jan 2014, 10:15 PM Reply Like
  • Brian Bobbitt
    , contributor
    Comments (2084) | Send Message
     
    Did someone forget winter is cold. Did you forget to put in some cords. I bought a new electric blanket, does that help the economy? I mean, come on now, isn't it just a reason to spike the prices?
    Never mind.
    Capt. Brian
    The Lost Navigator
    7 Jan 2014, 10:31 PM Reply Like
  • Cordycep
    , contributor
    Comments (48) | Send Message
     
    too much radiation -e field - using electric blanket, but temp. usage OK.
    7 Jan 2014, 10:46 PM Reply Like
  • SILVERSHARK110
    , contributor
    Comments (21) | Send Message
     
    GAZ
    8 Jan 2014, 02:55 AM Reply Like
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