Par Pacific Holdings Inc. said Thursday that is will suspend purchases of Russian crude oil for its Hawaii refinery. “We will continually monitor and evaluate our posture on Russian crude over the coming weeks and months,” the energy infrastructure company said in a statement. “In the meantime, we are turning to other grades of crude, principally from North and South America, to meet fuel production requirements.” The company said it will work closely with its customers and partners to make future decisions to support “energy assurance” for Hawaii. The stock dropped 3.2% in afternoon trading toward the lowest close since Dec. 1, 2020. It has shed 10.2% over the past three months, while continuous crude oil futures have run up 65.1% and the S&P 500 has lost 3.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
