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Refinery Closure Fueling Gasoline Rally

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.

Disclaimer

  • Patti Domm

    Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.

  • Bob Pisani

    A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

  • Peter Schacknow

    Senior Producer at CNBC's Breaking News Desk.

  • Dominic Chu is a markets reporter for CNBC.

  • Evelyn Cheng

    Evelyn Cheng is a markets writer for CNBC.

  • Sara Eisen

    Sara Eisen is a correspondent for CNBC, focusing on currencies and the global consumer.

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