Hess' (HES) plan to exit oil refining, including closing the Port Reading, N.J., plant with a...

|About: Hess Corporation (HES)|By:, SA News Editor

Hess' (HES) plan to exit oil refining, including closing the Port Reading, N.J., plant with a daily capacity of 70K barrels, is unlikely to spur imports of European gasoline into the U.S., as refiners in the U.S. and the Caribbean will replace lost capacity, analysts say. Danske Markets' Bjorn Roed sees no long-term arbitrage opening up that would stimulate increased Europe-U.S. product trade. RBOB +2% to $2.9336.