Oil prices posted marginal gains yesterday, in line with the equity markets. WTI rose by 1.08% to $46.75/bbl. However, we are seeing losses this morning as WTI hovers around the $46.50/bbl level. RBOB futures saw a slight gain yesterday, but most cash markets did not follow suit as most differentials softened, off-setting the light paper gains.
On the East Coast, refiners’ throughput is down at 1.217 million bpd. Comparing this to August—when refiners had the highest output since September 2011 with throughput at 1.23 million bpd—it is clear that the latest refinery closures and issues are being felt throughout the region. According to Reuters, PBF Energy is still undergoing repairs on its gasoline-making fluid catalytic cracker at its Delaware City refinery, Phillips 66 shut its Bayway refinery unexpectedly last week, and PES was forced to shut an FCC over the weekend.