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The end of an era for Philadelphia Refinery
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Philadelphia Energy Solutions plans to shut down the Philadelphia Refinery, the US East Coast's largest, following a fire and explosion on June 21st. The site has faced headwinds in recent years, as its lack of feedstock advantage made it difficult to remain competitive in the East Coast (PADD 1) market. The shutdown is seen as boosting margins for the remaining refineries in PADD 1 following the loss of approximately 125 kb/d gasoline and 110 kb/d diesel production in the region. European refiners are also positioned to capitalize as increased imports from Europe will be needed to meet demand during summer driving season with Colonial Pipeline capacity fully utilized from the US Gulf Coast.
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