Oil Declines as Hack-Hit U.S. Pipeline Works to Restart Flows

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Oil Declines as Hack-Hit U.S. Pipeline Works to Restart Flows

Bloomberg2021-05-11

(Bloomberg) -- Oil fell as traders monitored the fallout from the closure of the largest U.S. oil-products pipeline and looked ahead to OPEC’s latest analysis of global supply and demand, with vaccine...

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Jsim8888
·2021-05-11
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Colonial Pipeline Co., a key supplier of fuels to the eastern U.S., said that services will be mostly restored by the end of this week following a cyberattack. The outage, which triggered a short-lived spike in U.S. gasoline futures, has interrupted flows from Gulf Coast refineries, and Colonial’s chief executive officer warned that supply shortages may occur.\nThere are signs of disruption, even with the hoped-for restart of the vital conduit. Some gas stations along the East Coast are beginning to run out of fuel, with North Carolina declaring a state of emergency. Among processors, Total SE scaled back activity in a key unit at its Port Arthur, Texas, refinery, and Citgo Petroleum Corp. cut rates at its Lake Charles, Louisiana plant.\nCrude has surged this year on expectations the roll-out of Covid-19 vaccines will allow lockdowns and curbs to be lifted, although the rally has stalled somewhat since early March. 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At the same time, the number of new U.S. cases rose last week at the slowest pace since the outbreak began.\nOPEC’s report is due Tuesday and it’s typically published early afternoon in Vienna. The group and its allies -- which slashed supply when the pandemic hit -- are phasing in just over 2 million barrels a day through July, starting with 600,000 barrels in May. Separately, the U.S. Energy Information Administration is also scheduled to issue its Short-Term Energy Outlook later on Tuesday.\nBrent’s prompt timespread was 23 cents a barrel in backwardation. 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