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Freezing weather shut refineries on the Texas Gulf Coast, including Motiva's 600,000 b/d Port Arthur plant, ExxonMobil's Beaumont refinery and Citgo's Corpus Christi crude units. Refining capacity loss could top 2 million b/d.
A loss of more than 2 million b/d of refining capacity is a major supply shock that pushes diesel and gasoline prices higher.
freightwaves.comJohn KingstonFeb 15, 2021After 39 past bullish weather events, ULSD / Diesel moved a median +2.4% over 5 sessions (59% higher; middle half -4.5% to +6.1%), and +8.9% over 20.
After 13 past neutral weather events, Crude Oil (WTI) moved a median +2.3% over 5 sessions (62% higher; middle half -0.9% to +4.7%), and +6.1% 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.
