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12 May, 2021 Author Tom DiChristopher The shutdown of the 5,500-mile Colonial Pipeline Co. system following a cyberattack has revived calls for federal regulation of pipeline operators and reform at federal agencies.
As of May 11, Colonial was returning portions of the critical artery for East Coast gasoline and refined fuel supply to service. While government officials and industry analysts did not anticipate widespread supply disruptions, the high-profile event caused filling station shortages in the Southeast and raised concerns about the prospect of future pipeline shutdowns at a time of rising cyberattacks.
U.S. Energy Secretary Jennifer Granholm on May 11 asked Americans to avoid hoarding gasoline and urged them to report price gouging.
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Oil prices rise on nagging fears of fuel shortages
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, US, Mar 24, 2016. (Photo: REUTERS/Nick Oxford)
12 May 2021 02:15AM (Updated:
12 May 2021 02:57AM) Share this content
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NEW YORK: Oil prices rose on Tuesday, as lingering fears of gasoline shortages due to the outage at the largest US fuel pipeline system after a cyber attack brought futures back from an early drop of more than 1 per cent.
Benchmark gasoline futures prices rose 1 cent to US$2.14 a gallon.
Oil falls on fading pipeline outage fears, Indian crisis
Tech-led global stocks sell-off also weighed on crude oil market
Reuters
May 11, 2021
LONDON:
Oil prices fell on Tuesday on fading fears of a prolonged outage at the largest US fuel pipeline system while India’s coronavirus crisis and a tech-led sell-off in global stock markets also weighed.
Brent crude futures dropped $0.83, or 1.21%, to $67.49 a barrel by 1232 GMT. US West Texas Intermediate (WTI) crude futures fell $0.84, or 1.29%, to $64.08.
Global stock markets suffered a second day of sharp losses on Tuesday as a combination of inflation worries, lofty valuations and an anti-monopoly drive in China sent the world’s mightiest tech giants tumbling.
US crude stocks see largest draw since January amid rising demand, export surge
US crude oil inventories moved sharply lower in the week ended April 30, US Energy Information Administration data showed May 5, amid stronger refinery demand and a surge in exports.
Total commercial crude stocks fell 7.99 million barrels to 485.12 million barrels last week, EIA said, exceeding bullish market expectations of an up to 7.69 million-barrel draw seen by the American Petroleum Institute on May 4.
It was the largest one-week decline in crude inventories since the week ended Jan. 1, and left stocks 1.9% behind the five-year average for this time of year, the widest deficit since the week ended March 20, 2020.