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Supply fears influence markets

05/28/2007
By NINA RACH
The June contract for benchmark US light, sweet crudes topped $65/bbl in intraday trading May 17 on the New York Mercantile Exchange as unexpected shut-ins of US refining capacity “sent shock waves through the markets,” analysts said.Among the disruptions that week, BP PLC said it might delay the restart of a 52,000 b/d gasoline-production unit at its Toledo refinery in Ohio. ConocoPhillips announced it shut in one of three crude units at its 194,000 b/d refinery in Ponca City, Okla., ahead of scheduled turnaround, and that some units at its Sweeny, Tex., refinery were operating at reduced rates. Valero Energy Corp. shut in 64,000 b/d of gasoline production at its Houston refi...
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