A spokesperson confirmed that the storage tank fire at the Marathon Petroleum refinery continues to smolder, a day after it led to temporary evacuations of nearby residents.
Early Friday, two large tanks containing volatile naphtha ignited at the Garyville facility in Louisiana, engulfing the area in black smoke. While firefighters struggled with the blaze and smoke, certain fuel processing operations remained halted, according to Marathon.
One firefighter sustained minor injuries, and ten others reported heat stress. The company stated that it dispatched firefighters from out-of-state facilities and the local St. John the Baptist Fire Department, while receiving equipment and supplies from twelve other groups.
The facility, with a capacity of processing 596,000 barrels per day, ranks as the third-largest petroleum refinery in the United States. Situated about 38 miles west of New Orleans, it produces gasoline, diesel, jet fuel, asphalt, and plastics.
Marathon mentioned that they are evaluating the restart of impacted units, but refrained from specifying a timeline. Investigative authorities plan to commence fire cause analysis once conditions allow.
Air monitoring is being conducted by the Louisiana Department of Environmental Quality and an undisclosed third party. Marathon noted that a helpline has been established for affected residents. Local authorities temporarily evacuated residents within a 2-mile radius of the refinery.
(Source: Bloomberg)
The recent increase in crude oil prices, likely stemming from the Louisiana refinery incident, has prompted buying interest in the CAD due to its high correlation. This situation led to the decision to initiate a buying position in CADJPY earlier.
