Followers | 680 |
Posts | 141250 |
Boards Moderated | 36 |
Alias Born | 03/10/2004 |
Thursday, May 13, 2021 10:38:09 AM
By: TheStreet | May 13, 2021
• 'Colonial Pipeline has made substantial progress in safely restarting our pipeline system,' the company said. Oil prices fell in response.
Crude-oil prices fell Thursday as Colonial Pipeline said product delivery has resumed in most of its markets, after a hack of its data system last week led led it to close the pipeline.
“Colonial Pipeline has made substantial progress in safely restarting our pipeline system and can report that product delivery has commenced in a majority of the markets we service,” the company said Thursday on its website.
“By midday today, we project that each market we service will be receiving product from our system.” Colonial serves almost all of the U.S. East Coast.
West Texas Intermediate crude recently traded at $64.46, down 2.45%. It has soared 57% over the past six months as investors expressed optimism that the economy would recover from the pandemic.
The pipeline shutdown also had sent gasoline prices higher. Retail gas prices average $3.03 a gallon Thursday, up from $3.01 Wednesday and $2.94 a week earlier, according to AAA.
On Wednesday, Colonial said that it had begun reopening its pipeline. “It will take several days for the product delivery supply chain to return to normal,” the company said.
“Some markets served by Colonial Pipeline may experience, or continue to experience, intermittent service interruptions during the start-up period.
“Colonial will move as much gasoline, diesel, and jet fuel as is safely possible and will continue to do so until markets return to normal.”
On Monday, TheStreet.com Founder Jim Cramer discussed four stocks he’s watching in the wake of Colonial’s shutdown: Enterprise Products Partners (EPD), Kinder Morgan (KMI), Chevron (CVX) and Pioneer Natural Resources (PXD).
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM