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Whiting Refinery Power Restored

REFINING

BP has confirmed that power has been fully restored to its Whiting refinery in the US Midwest as expected today and operations are resuming according to Bloomberg.

  • A transformer shut down led the company to halt operations at the 435kbpd Whiting refinery yesterday causing the entire plant to go offline.
  • No timing has been given for when normal operations will resume.
  • US diesel crack spreads are today just above the lows from yesterday and earlier today after reversing most of the gains seen in reaction to the headlines yesterday.
  • Diesel markets are under downside pressure along with crude amid global demand concerns after US payrolls data prompted Fed repricing suggesting lower rates cuts this year.
    • Gasoil FEB 24 down -4.4% at 816.5$/mt
    • ULSD MAR 24 down -1.9% at 2.66$/gal
    • Gasoil FEB 24-MAR 24 down -0.5$/mt at 17$/mt
    • Gasoil JUN 24-DEC 24 down -5.5$/mt at 27.75$/mt
    • EU Gasoil-Brent down -0.4$/bbl at 27.4$/bbl
    • US ULSD crack down -1.1$/bbl at 39.36$/bbl

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