The closure of Philadelphia Energy Solutions(PES)'s 335K-b/d Philadelphia refinery in the US state of Pennsylvania-which had gasoline output of around 150K b/d and middle distillates production of approximately 100K b/d,according to Mark Routt of KBC-has opened the arbitrage window to move gasoline and distillates from Europe across the Adantic.Mark Williams of Wood Mackenzie noted,”As soon as the extent of the outage was made public,we saw a huge increase in the amount of gasoline shipped to the US.”The Paris-based IEA stated,”The closure of the Philadelphia refinery would result in additional import requirements,most of which will likely be sourced from overseas,due to logistical constraints.”The IEA views the shuttering of the PES plant was positive news for refineries in Europe and Eastern Canada.
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