Commodities & Energy

Reuters ahead with key news on Philadelphia Energy Solutions fire

Reuters ahead with key news on Philadelphia Energy Solutions fire

Reuters was first on a series of stories on the devastating fire at the Philadelphia Energy Solutions refinery complex, the oldest and largest on the U.S. East Coast. On June 21, Reuters was ahead in reporting that a fire erupted at the refining complex, a key supplier of gasoline to the U.S. Northeast. On June 23, Reuters revealed that an alkylation unit had been completely destroyed in the fire and was ahead of the competition the next day, reporting that the company “declared force majeure” on certain gasoline deliveries – meaning they couldn’t be made due to the fire. On June 25, Reuters was first to report that the entire refinery was going to be closed by the company’s owners, costing about 1,000 jobs. Gasoline prices in the futures market jumped by more than 4% on the news.