Armstrong said that about 24 percent of refining capacity in the line of the storm — two refineries, including the Bayway refinery in Linden, N.J. — was taken out. Add to that troubles with Colonial pipeline that brings supply from the Gulf Coast, and gasoline futures are up 14 cents, he said.
"The real problem today is the expiration of the November gasoline contract," which requires delivery into the shuttered New York Harbor, he said.
(Read More: Where Gasoline Prices Are Heading Next: Schork)
Asked about whether the dip in Phillips 66 shares was an opportunity, Armstrong sounded bullish.
"As long as the Brent -TI spread remains what it is, that should do well for the company's earnings," he said.
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