UPDATE 03.29.21 0530:
From the Jakarta Post:
According to the article above, operations are shut down to put all efforts into extinguishing the fire. Time will tell if indeed this is accurate as the damage assessment has yet to begin.
Just when everyone thought that WTI and Brent oil prices would calm down, this event just happened within the last hour and the markets have yet to filter the news. From the New Zealand Herald tonight:
A mammoth explosion has obliterated an Indonesian oil refinery, forcing nearby residents to evacuate as a massive fireball shot into the sky.
A loud blast was heard at the Balongan oil refinery early this morning, in what was described as “one of the biggest explosions” seen at an oil refinery.
Footage shows large flames and thick black smoke soaring upward into the sky.
A loud bang could be heard before a large fireball shot into the sky.
ASB military posted footage of the incident, writing: “This must be one of the biggest explosions associated with oil refineries.
“This is huge. Microphones have a hard time keeping up with the blast noise.”
According to local media, citing eyewitnesses, the explosion was heard up to a radius of tens of kilometres from the epicentre.
To say it was a massive explosion is an understatement after watching some of the video from the scene:
Innalillahi wa inna ilaihi rajiun. Balongan meledak pic.twitter.com/lB0170Z1Dl— Agus Widodo (@arwidodo) March 28, 2021
Wow. And more:
Ledakan di Balongan pic.twitter.com/REYyuL65HY— Agus Widodo (@arwidodo) March 28, 2021
Asli merinding banget si itu denger suara alarm emergency (?) nya— Bang Binx (@bintangghf) March 28, 2021
Meanwhile, WTI crude futures are apparently unaware of the news:
Stay tuned as reality does not take much to move these wild markets in any direction, but this can not bode well for American consumers heading into Easter and Memorial Day holidays.