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REFINERY NEWS: Phillips 66 cuts rates at Bayway refinery as gasoline cracks fall: source

New York — Refinery: Bayway refinery in Linden, NJ

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Owner: Phillips 66

Capacity: 258,000 b/d

Duration: Ongoing

Notes: Phillips 66 has cut rates at its 258,000 b/d Bayway refinery as gasoline cracks fall, a source familiar with refinery operations said Monday.

The source said runs had been cut but he was unsure of by how much. A market source said run cuts were between 15% and 20%.

The refinery's 145,0000 b/d gasoline-making fluid catalytic cracking unit just returned from over a month of unplanned maintenance as the gasoline demand slowdown from COVID-19 hit.

A company spokesman wasn't immediately available for comment.

NYMEX front-month RBOB cracks from front-month NYMEX crude averaged $3.34/b for the week ended March 20. In early Monday trade, they were $1.35/b.

NYMEX front-month ULSD cracks from front-month NYMEX crude were currently $19.45/b. For the week ended March 20, they averaged $18.00/b.

Source: Source familiar with refinery operations