Crude oil futures rebounded somewhat on the New York market Aug. 4 but stayed below $100/bbl following news that a July 29 fire in an isomerization unit at a Coffeyville, Kan., refinery was likely to close the refinery for up to 4 weeks (OGJ Online, July 29, 2014).
The 115,000-b/d refinery, operated by a unit of CVR Refining LP, buys light, sweet crude oil from Cushing, Okla., and analysts expect reduced demand for Cushing oil as a result of the fire. CVR is a limited partnership based in Sugar Land, Tex., and its Coffeyville refinery is about 100 miles from Cushing. Coffeyville Resources Refining & Marketing operates the refinery.
Four workers were injured in the blaze, which was extinguished about an hour after it was reported. An investigation into a cause of the incident is under way (OGJ Online, Aug. 1, 2014).
International oil market analysts meanwhile continue to monitor violence in Libya, Iraq, and Ukraine that could potentially hinder oil production or oil exports from those nations.
The natural gas contract for September climbed 3.6¢ to a rounded $3.83/MMbtu. On the US cash market, gas at Henry Hub, La., was $3.79/MMbtu, up 4¢.
Heating oil for September delivery edged up less than a penny to remain at a rounded $2.87/gal. Reformulated gasoline stock for oxygenate blending for September delivery lost 1.94¢ to a rounded $2.72/gal.
The September ICE contract for Brent crude delivery gained 57¢ to $105.41/bbl. The October contract rose 47¢ to $105.98/bbl. The ICE gas oil contract for August was down $3.50 to $880/tonne.
The average price for the Organization of Petroleum Exporting Countries’ basket of 12 benchmark crudes was $102.59/bbl on Aug. 4, down 31¢.
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