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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (5893)	1/4/2002 8:18:36 PM
From: excardog	Respond to of 206334

Tomas- don't know if you saw this but it would explain why gasoline futures shorts covered: Friday January 4, 11:48 am Eastern Time Phillips on gasoline buying spree after Bayway snag NEW YORK, Jan 4 (Reuters) - Phillips Corp. (NYSE:P - news) continued to buy gasoline in the New York Harbor cash trading hub on Thursday to cover its customers' needs after a power outage affected operations at its Bayway oil refinery in Linden, New Jersey, trading sources said on Friday. ``They bought enough gasoline to cover three or four days of supply,'' a trader said. Phillips officials on Wednesday confirmed that the 240,000 barrels per day (bpd) refinery near the NYMEX futures delivery point had sustained a power outage and was in ``shutdown mode.'' Traders said the plant's 140,000 bpd catalytic cracker is still down and will probably be restarted early next week. Phillips officials were not available for comment Friday morning. Gasoline differentials rose moderately in the New York Harbor, with regular grades up about 0.30 cent. Premium grades saw offers rise 0.50 cent, but sellers were absent from the market. February gasoline futures on the New York Mercantile Exchange were up 0.70 cent at 61.15 cents a gallon. The refinery was owned by Tosco until last summer, when Phillips, an integrated oil company, took over the smaller refiner.