Giant explosion rocks largest refinery complex on the East Coast, sends gasoline prices higher

(CNBC) The fire turned the sky bright orange and shook the homes of startled residents. Some neighbors in South Philadelphia said debris rained from the sky into their neighborhoods after the explosions, according to NBC Philadelphia.

The outage occurred as the U.S. summer driving season kicks into high gear.

Gasoline futures jumped 4% on Friday. Because RBOB futures reflect New York harbor prices, they are especially impacted by an outage in a refinery in Philadelphia, an important regional refining hub.  (Read More…)