Chevron's Pasadena Refinery Hit by Power Outage Amid Storm and Supply Fears
CVX sits 32% above its 52-week low of $146.49.
Summary
Chevron's 118,750 bpd Pasadena refinery suffered a partial power outage, triggering safety flares. This comes as Tropical Storm Bertha makes landfall, threatening 1.5 million barrels of U.S. production, and Middle East tensions escalate, with tankers rerouting after Houthi warnings. The Brent/WTI spread widened to -$7.50, its widest in a month, signaling increased export economics but also market dislocation. These simultaneous supply disruptions could tighten product markets and impact Chevron's downstream operations. The refinery outage adds to a string of recent operational and geopolitical headwinds, including CEO Wirth's earlier warnings of global oil shortages.
At the time of this announcement, CVX was trading at $193.55 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $384.3B. The 52-week trading range was $146.49 to $214.71. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.