Valero feels chill from winter storms as petroleum supply chains shiver

Energy - Conventional 423 Energy - Crude Oil 287 U.S. 4995

The U.S. oil refinery sector is starting to count the cost of February’s winter storms with Valero indicating a drag from higher “electricity and natural gas costs incurred primarily by its refining and ethanol business segments” while Phillips 66 has noted the storms “resulted in lower utilization of assets, as well as higher utility, maintenance and repair costs”. The storms also interrupted U.S. oil imports, which fell by 31.7% year over year in February and by 10.3% sequentially on a daily average basis. Shipments into Texas fell by 40.2% sequentially while those to Louisiana and Cal...

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