More refinery outages, Grand Rapids under $3 soon?

Looks like Valero, the largest U.S. refiner has announced plans to shut some of its smaller units for maintenance- one because of a power failure June 1, the others unknown.

Midwest storage zoomed up to 48 million barrels this past week, signaling more supply and a southward pressure on local prices.

If this trend continues as refiners continue to come online (and go offline??), prices will continue to moderate in Grand Rapids. Under $3 is even possible soon!

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