Refinery Fire Sparks Tanker Rally

June 21 2019: U.S. oil industry news is usually dominated by reporting on shale oil, Permian crude production and crude oil export growth.  On the petroleum product side, the focus is typically on growing exports from the U.S. Gulf area.  This morning, as news of a fire at the Philadelphia Energy Solutions (PES) refinery came out, the tanker market was reminded of another crucial oil refining and demand region in the U.S.  It is still too early to know what the damage is and how long repairs will take. However, it is likely that the Atlantic product tanker market and, to a lesser degree, the crude tanker market will notice the fall-out.  This week, we will take a look at the North Eastern product market and what this mishap could mean for the tanker markets in the coming months.

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