{"id":249761,"date":"2021-05-14T17:19:00","date_gmt":"2021-05-14T14:19:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/oil-prices-on-track-for-a-weekly-climb-as-colonial-pipeline-reopens\/"},"modified":"2021-05-14T17:19:00","modified_gmt":"2021-05-14T14:19:00","slug":"oil-prices-on-track-for-a-weekly-climb-as-colonial-pipeline-reopens","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/oil-prices-on-track-for-a-weekly-climb-as-colonial-pipeline-reopens\/","title":{"rendered":"#\n  Oil prices on track for a weekly climb as Colonial Pipeline reopens"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3e3a476c601\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3e3a476c601\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/oil-prices-on-track-for-a-weekly-climb-as-colonial-pipeline-reopens\/#Myra_P_Saefong_and\" >Myra P. Saefong and<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/oil-prices-on-track-for-a-weekly-climb-as-colonial-pipeline-reopens\/#William_Watts\" >William Watts<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Oil prices on track for a weekly climb as Colonial Pipeline reopens<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\">\n<\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\">\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000269852\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Oil futures rose Friday, on track to erase what would\u2019ve been a loss for the week, as a key U.S. fuel pipeline reopened after being shut down since last  weekend in response to a ransomware attack .<\/p>\n<p> Colonial Pipeline on Wednesday moved to fully reopen its 5,500 mile pipeline, which provides around 45% of fuel needs to the U.S. East Coast. The closure of the pipeline triggered fuel hoarding and resulted in the closure of a large number of gas stations across much of the Southeast.<\/p>\n<div class=\"paywall\">\n       The pipeline restart is \u201cthe beginning of the end of the crisis, not the end of the end of the supply crunch,\u201d said Michael Tran, commodity analyst at RBC Global Markets, in a note.<\/p>\n<p>\u201cAt a minimum, such <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> should help stem fears of panic buying and clear the lines at the pump given that the worst-case scenario of a prolonged outage has been averted,\u201d he said.<\/p>\n<p>RBC estimated that the outage resulted in a 7.5 million barrel shortfall in East Coast gasoline and a 6 million barrel shortfall for distillate, totaling 13.5 million barrels. <\/p>\n<p>Since the event was contained within a weekly Energy Information Administration reporting period, next week\u2019s inventory numbers should largely reflect the entire outage, Tran said, adding that he doesn\u2019t expect the outage resulted in significant bookings to move product across the Atlantic.<\/p>\n<p>Still, while \u201cColonial may be closing the chapter on this crisis\u2026the events of the week have exposed how vulnerable America\u2019s energy infrastructure is,\u201d said Tran.<\/p>\n<p>West Texas Inter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te crude for June delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+1.75%<\/bg-quote><\/p>\n<p>        CLM21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209724872\/delayed\" class=\"positive\">+1.75%<\/bg-quote><br \/>\n       rose $1.31, or 2.1%, to $65.12 a barrel on the New York Mercantile Exchange. July Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+1.85%<\/bg-quote><\/p>\n<p>        BRNN21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705245\/delayed\" class=\"positive\">+1.85%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, gained $1.40, or 2.1%, to trade at $68.45 a barrel on ICE Futures Europe.<\/p>\n<p>With the gains on Friday, oil futures have erased their losses for the week, with WTI trading around 0.4% higher and Brent up 0.2% from last week\u2019s settlement. A gain this week would mark the third-straight weekly rise for both benchmarks.<\/p>\n<p>Fears of an extended pipeline shutdown that could have curtailed refinery activity had weighed on nearby oil futures relative to later contracts, analysts said.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>\u201cIf they had been forced to step on the run rate, it would have sidelined crude oil that had previously been used to produce gasoline,\u201d said Robert Yawger, director of energy futures at Mizuho Securities, in a note. \u201cThose fears no longer exist.\u201d<\/p>\n<p>Yawger said oil move up \u201cas refiners scramble to boil as much crude oil as possible to cover the five days of pipeline shut-in,\u201d he said. \u00a0<\/p>\n<p>Colonial late Thursday said it had restarted its entire pipeline and commenced product delivery to all markets it serves.<\/p>\n<p>\u201cFollowing this restart, it will take several days for the product delivery supply chain to return to normal,\u201d the company said. \u201cSome markets served by Colonial Pipeline may experience, or continue to experience, intermittent service interruptions during this startup period.\u201d<\/p>\n<p>Colonial said it would move as much gasoline, diesel, and jet fuel as is safely possible and would continue to do so until markets return to normal.<\/p>\n<p>On Friday, June gasoline<br \/>\n        RBM21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210287603\/delayed\" class=\"positive\">+0.71%<\/bg-quote><br \/>\n       rose 1% to $2.12 a gallon, trading around 0.5% lower for the week. June heating oil<br \/>\n        HOM21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210064047\/delayed\" class=\"positive\">+1.26%<\/bg-quote><br \/>\n       added 1.4% at $2.03 a gallon, looking at a weekly rise of around 0.9%.<\/p>\n<p>June natural gas<br \/>\n        NGM21,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210190711\/delayed\" class=\"negative\">-0.37%<\/bg-quote><br \/>\n       traded at $2.97 per million British thermal units, down 0.2% in Friday dealings. Prices traded 0.3% higher for the week.<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Myra P. Saefong\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Myra_P_Saefong_and\"><\/span>Myra P. Saefong and<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\" \",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"> <\/h4>\n<\/p><\/div>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"William Watts\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"William_Watts\"><\/span>William Watts<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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Colonial Pipeline on Wednesday&#8230;<\/p>\n","protected":false},"author":1,"featured_media":249762,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-249761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/249761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=249761"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/249761\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/249762"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=249761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=249761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=249761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}