A June 21 fire and explosion set to permanently close the biggest oil refinery on the U.S. East Coast has shaken markets as far away as the North Sea and West Africa, leaving millions of barrels of unsold oil in need of a new home. The Philadelphia Energy Solutions (PES) refinery was a consistent buyer of light sweet crude oil, and the backlog of cargoes bound for PES are either in limbo or in the process of being diverted to neighboring refineries and abroad. Prices for physical crude oil are being squeezed, with as many as 20 million barrels bound for PES in the process of being rerouted, according to two senior trading sources, adding […]