Wholesale pricing for bulk cargoes was flat this week as suppliers found no reason to alter prices for spot cargoes despite large drops in underlying crude oil prices. Speculation over September price direction was the main topic of conversation in the market. BP’s outage at a major crude unit at its Whiting refinery could have a significant impact depending on how long it stays offline. Market estimates for length of the refinery’s closure varied widely from a few days to a couple months, depending on whether the refinery resumes temporary operations or waits for parts that could be delivered in as long as eight weeks.
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