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Since making recent headlines, many people are familiar with the Philadelphia Energy Solution (PES) oil refinery explosion that occurred on Friday, June 21st at approximately 4:00 a.m. in South Philadelphia. The blaze injured five workers that were treated for minor injuries. The explosion caused a 3.5% - 3.9% jump in RBOB prices on the NYMEX due to concern that the outage may constrain supply.
Inventory
Oil prices continue to be range bound until the market bulls or bears take control. As of this morning, there were more bullish than bearish factors which is resulting in green across the board for the moment.
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