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Diesel Prices Extend Rally After Biggest US Midwest Refinery Shuts
Diesel prices in the Midwest climbed for a second day after two refineries in the region shut down unexpectedly, stoking fears of a supply crunch. BP’s Whiting facility, the largest US inland refinery, went down Thursday afternoon, sending fuel prices surging. On Friday, power was restored but it was unclear how long a full restart of operations would take, adding to volatility. Compounding the potential supply squeeze, Phillips 66’s Ponca City, Oklahoma, refinery had multiple units go offline Thursday evening, according to Wood Mackenzie’s Genscape. Diesel prices in the Chicago area as well as the Group 3 ... (full story)