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US refiners are restarting plants shut by the deep freeze that spread from the Texas Gulf Coast through the Midwest. S&P Global Platts estimates about 5.4 million b/d of Gulf Coast crude capacity was down for the week ended Feb.
26, with most Texas plants expected back by mid-March.
Refinery outages cut crude runs and product output, supporting diesel and gasoline prices; the restart trend suggests the supply squeeze is easing and may cap further gains.
spglobal.comFeb 26, 2021After 19 past bearish logistics events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -6.6% to +2.3%), and +5.3% over 20.
After 18 past bearish logistics events, ULSD / Diesel moved a median +0.6% over 5 sessions (56% higher; middle half -1.5% to +3.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
