May 12 2021, 5:24 AM
May 11 2021, 9:27 AM
May 12 2021, 5:24 AM
(Bloomberg) Oil rose as a weaker dollar lent support and offset a burgeoning pile up of crude in the U.S. Gulf Coast as refineries there cut runs in response to the Colonial Pipeline shutdown.
(Bloomberg) Oil rose as a weaker dollar lent support and offset a burgeoning pile up of crude in the U.S. Gulf Coast as refineries there cut runs in response to the Colonial Pipeline shutdown.
Crude futures in New York rose less than 1% Tuesday. The dollar has traded steadily weaker, making commodities priced in the currency more attractive.
by Bloomberg
|Tuesday, May 11, 2021
Oil rose as a weaker dollar lent support and offset a burgeoning pile up of crude in the USA Gulf Coast.
(Bloomberg) Oil rose as a weaker dollar lent support and offset a burgeoning pile up of crude in the U.S. Gulf Coast as refineries there cut runs in response to the Colonial Pipeline shutdown.
Crude futures in New York rose less than 1% Tuesday. The dollar has traded steadily weaker, making commodities priced in the currency more attractive.
Colonial Pipeline Co. is working to restart its oil-products system, the largest in the U.S., after a cyberattack shuttered operations. While gasoline stations from Alabama to Virgina report shortages, refiners in the U.S. Gulf are reducing output to avoid a glut in the absence of the pipeline. Some refiners have already chartered ships to store refined products offshore.
by Bloomberg
|Tuesday, May 11, 2021
Oil fell with global equities after a recent rally that has taken some commodities to record high levels brought on concerns over inflation.
(Bloomberg) Oil fell with global equities after a recent rally that has taken some commodities to record high levels brought on concerns over inflation.
U.S. crude futures were down 1.2%. Gasoline and heating-oil markets were also weaker with the hacked Colonial Pipeline system in the U.S. returning operations at one section of the key link. Full services are expected by the end of the week, though some Gulf Coast refiners are already cutting processing.