BP restarting Whiting refinery already!

From Bloomberg:

BP Plc will begin startup today of a
unit at its Whiting, Indiana, refinery, the biggest in the
Midwest.

The 235,000 barrel-a-day crude unit, which was shut July 9
for unplanned maintenance, is expected to be at full rates by
next week, a person familiar with the plant’s status said. The
refinery can normally process more than 400,000 barrels of oil a
day. The unit had been expected to start up this weekend.

“All of the news until now has been bad and bullish for
the Midwest refining sector,” said John Kilduff, vice president
of risk management at Man Financial Inc. in New York. “An
insecurity premium had been built into the gasoline market. The
unit is opening earlier than expected, which is a relief.”

Gasoline traded down roughly four cents today, and with my sources informing me of large price drops on the wholesale level, we’ll see prices drop- perhaps sharply!

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