Market Update: Colonial Pipeline Outage Update
By Sean Devine
The Colonial Pipeline has resumed operations as of Wednesday, May 12th. Markets have started to receive the much needed Gasoline, Diesel, and Jet Fuel which Colonial transports.
It will take a few days for the markets (specifically the Southeast gasoline) to return to normal. Gasoline shortages are still occurring in many Southeast states. Colonial Pipeline has stated that they will move as much Diesel, Jet Fuel, and Gasoline as safely as possible until the markets stabilize.
As of this morning, West Texas Intermediate is trading at $64.57, up roughly 1%. Prompt Natural Gas is also trading up, hovering just below the $3.00 ceiling it has tested multiple times since the start of May. This ceiling is expected to be broken over the course of today’s trading day as all major energy commodities are showing an upward trend.
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