Market Open: Shares up, but could be rattled after massive fire at one of Australia’s two oil refineries

ASX today – Australian shares are eeking back towards 9,000 points, with a modest +0.2% advance (modest compared to recent Trump-fuelled weeks, at least) now taking the local bourse within ~10pts of that $9K marker.

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Fear could take hold a little later, though, for one big reason: Viva Energy (ASX:VEA) has reported a huge fire overnight at its Geelong oil refinery.

The blaze instantly puts Australia’s fuel supplies in hot focus; Corio is one of only two refineries we have on-shore Down Under. One being on fire will spread quickly through the headlines, we’re sure — heck, Energy Minister Chris Bowen has already told Channel Nine, “there will be an impact.”

The good news is that there’s been no reported injuries or deaths, and the ABC is suggesting tanks that store refined and crude fuel haven’t blown up. The blaze was out of control by first light Thursday, though Fire Rescue Vic’s Mick McGuiness says it’s been contained to an area 30 by 30 metres.

Right now, it looks like Oz traders are following risk-on momentum from the S&P 500 and Nasdaq (both edging closer to record highs), but the blazing Viva fire could be a bigger story locally as the morning gets on.

ASX stocks to watch

Now, just finally on the Viva story: Chief executive Scott Wyatt has spoken out, describing the ongoing fire at the Geelong refinery as “a challenging incident” for the company. “This is so disappointing for everyone on so many levels,” the Viva boss said. “The units impacted are in the petrol complex.”

Elsewhere, Brightstar Resources (ASX:BTR) has brought in Aquirian’s (ASX:AQN) subsidiary Drillforce WA Ltd for the next three years to supply all drilling and energetics services at its Lord Byron open pit mine in Laverton.

Perpetual Resources (ASX:PEC) has started a maiden reconnaissance program at the Paraíba project in Brazil to assess tungsten mineralisation.

And we have a debutant today, too, with Bison Resources listing under ticker “BSR” after lunchtime. Bison will be looking for $5.5 million (at ~20cps) to fund the four gold prospects it has over in Nevada’s Carlin Trend.

And, Fletcher’s (ASX:FBU) volumes are showing early upswings in March.

Buck and ore

Now – in forex, the Oz dollar buys US 71.7c.

In commodities, all in the greenback,

Brent Crude‘s slide has slowed somewhat, with oil now down just -0.1% today. To mid-morning, $94.69/Bbl, and then,

Iron Ore is up around +0.8%, at $104.30 a tonne in Singapore,

Gold has stuck quite steady at $4,811/ounce, and,

US natgas futures are $2.60 per gigajoule.

That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck today.

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