Spot product prices fell sharply across the board in the week to May 6 as early-week bullishness in several of the prompt markets was overshadowed by a bearish, late-week crash in the futures complex. On the Gulf Coast, strength from the previous week continued to drive up prices during the first half of the period as two Texas City, Texas refineries worked to restore operations from an April 26 power outage. Valero Energy said its 245K-b/d facility was back at planned rates on Tuesday, while BP announced on Wednesday the restart of the 120K-b/d FCCU at its 451K-b/d plant. In the Midwest, prices initially rose in the Group Three hub as shippers from the Gulf Coast continued to bypass the market in favor of the Chicago hub, which is currently more profitable. Also, the Gulf Coast and Midwestern markets found some price support as high water levels on the Mississippi and Ohio rivers threatened to disrupt oil product shipments. According to government data, water levels at places along the rivers have swelled to record highs due to heavy rainfall.
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