VLO - Refiners renting oil tankers for floating storage with Colonial Pipeline outage

U.S. refiners are scrambling for tankers to store fuel that has nowhere to go following the cyberattack that knocked out the top U.S. oil products pipeline, Bloomberg reports.Valero Energy (VLO), Phillips 66 (PSX) and Marathon Petroleum (MPC) are in the process of chartering four non-U.S. flagged ships that can stow nearly 3M barrels of fuels such as gasoline and diesel from 15 to 40 days, to avoid taking the potentially expensive step of shutting operations until the Colonial Pipeline restarts, according to the report.A few U.S. refiners reportedly have begun reducing operations: Motiva Enterprises - the largest U.S. refinery - cut production by 45%, Total's Port Arthur refinery in Texas trimmed output by 25%, and Citgo Petroleum cut rates at its Lake Charles refinery in Louisiana.Much of the likely production cuts may be carried out by refineries from Port Arthur and eastward, which lack the option of placing barrels on

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Refiners renting oil tankers for floating storage with Colonial Pipeline outage