Spot gasoline and diesel in San Francisco weakened against futures as state regulators said they may decide in the next several days whether to let Chevron Corp. begin restarting the crude unit at the Richmond refinery.
Chevron Corp. flared 1,004 pounds of nitrogen oxide at its Pascagoula refinery in Mississippi “due to normal start up” yesterday, at 4:50 p.m. local time, according to a filing with the National Response Center.
Spot gasoline in San Francisco climbed against futures for the first time in four days after Valero Energy Corp.’s Benicia refinery shut a hydrocracker and Chevron Corp.’s Richmond plant reported an electrical upset.
Chevron Corp., which paid $170,000 to settle California pollution allegations at a refinery, may face more penalties including prison sentences for employees stemming from a federal investigation of the case.
Bank of America Corp. and UBS AG filed claims in London against the region of Lombardy, pre- empting the municipal authority’s plan to sue the banks in the Italian courts in a dispute about derivatives fees.
Oil companies from Chevron Corp. to BP Plc are selling more refineries than at any time in history even as a rebound in demand for gasoline and diesel pushes profits from running the plants to the highest level since 2007.