'Major incident' occurs at Canada’s largest oil refinery

|By:, SA News Editor

Irving Oil says a "major incident" occurred today at its Saint John refinery in New Brunswick, following reports of a "bed shaking explosion" and fire.

The refinery can produce more than 320K bbl/day of gasoline, diesel heating oil, jet fuel and other petroleum products, more than half of which is exported to the U.S.

The refinery likely is the most important in terms of fuel imports into the U.S. Northeast market, according to Tom Kloza, global head of energy analysis at Oil Price Information Service.

Reports of the fire have sparked a rally in futures in refined products; gasoline was up ~2% after the reports.

ETFs: UGA

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