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Refinery Closure Fueling Gasoline Rally

Wednesday, 18 Jan 2012 | 10:15 AM ET

Gasoline futures are rallying Wednesday morning on yet another refinery closure.

Oil Refinery
Oil Refinery

This time by Hovensa, a refinery jointly owned by Hess and Venezuela's state owned oil company.

As of morning trading, RBOB futures advanced nearly 3 percent on the announcement.

The markets that will be immediately affected include Boston, New York and Florida, where a spate of refinery closures have already set the stage for increased supply and price volatility in the futures and physical markets.

The refinery, located in the U.S. Virgin Islands, is a large refiner of petroleum products into the east coast, supplying an estimated 100,000 barrels per day of gasoline and 60,000 barrels per day of distillate fuels.

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