Marathon (MPC), Valero (VLO) Refinery Shutdowns Spook Market

August 2024 · 1 minute read

When the second-largest U.S. refinery shuts down unexpectedly with no clarity as to when operations will return to normal, it could have an outsized impact on a market already squeezed for supplies.

Marathon Petroleum Corp.’s 593,000 barrel-a-day Galveston Bay refinery in Texas City, Texas, got knocked out of commissionBloomberg Terminal Friday as frigid temperatures took out power across the Gulf Coast city. Marathon declined to comment on operations but the refiner has started buying some oil product, indicating it needs to cover obligations to customers, according to a person familiar with operations. Marathon may take several weeksBloomberg Terminal to resolve issues that cropped up during the shutdown.

ncG1vNJzZmivp6x7o7jOqKSbnaKce6S7zGilnq%2BjZK6zwMico56rX2d9c36MaWlmaGdkv6ayyKecq7Fdnru0tcahq6xlmKq0pnnUZqpmqJyWu7V50qGsrZyfrLtuucCyZKyon6S4brnAq6KerA%3D%3D