|TYDN Photo: Pat Joyce|
|Oil traders celebrating explosion. TYDN Photo: thetaxhaven|
“Given OPEC’s resistance to production cuts, continued accidents in refineries are our only immediate hope of increasing prices and lifting our portfolio values,” Smith-Barney analyst Blake Jorgstein told TheYellowDailyNews in an exclusive interview. “The market is really fortunate that this explosion came when it did.”
Investigators have not said what sparked the blast here at the ExxonMobil-owned Baton Rouge Refinery. A thick black plume of soot and smoke could be seen miles away from the disaster.
Shares of ExxonMobil, listed on the New York Stock Exchange, rallied 6 percent and were moving higher in after-hours trading.