Commodity traders have booked at least six tankers—provisionally—to start shipping gasoline from Europe to the United States in the wake of the outage of the Colonial Pipeline network, Reuters reports, citing data from Refinitiv.
The United States has declared a state of emergency.
Colonial Pipeline Co. shut down its network, which supplies close to half of the gasoline and diesel the East Coast consumes, on Friday following a ransomware attack on the infrastructure. This prompted fears of fuel shortages and price spikes at the pump.
Indeed, the prices of gasoline and heating oil futures in New York rose on the news despite expert comments that supply shortages could only occur if the pipeline network, with a capacity for 2.5 million bpd of fuels, remains shut down for more than three days. (RT)
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