Commodities & Futures News

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13 May

Colonial Pipeline slowly restarts as Southeast U.S. scrambles for fuel

Colonial Pipeline Slowly Restarts As Southeast U.S. Scrambles For Fuel

4/4Reuters. Holding tanks are seen at Colonial Pipeline's Linden Junction Tank Farm in Woodbridge, New Jersey, U.S. in an undated photograph. Colonial Pipeline/Handout via ./File Photo2/4By Joseph Menn and Stephanie Kelly -Colonial Pipeline began to slowly restart the nation's largest fuel pipeline network on Wednesday after a ransomware attack shut the line, triggerin

13 May

Oil Eases as Investors Assess Pipeline Restart, Lower Stockpiles

Oil Eases As Investors Assess Pipeline Restart, Lower Stockpiles

. Oil Eases as Investors Assess Pipeline Restart, Lower Stockpiles -- Oil edged lower after a four-day gain as a key U.S. pipeline restarted, and traders assessed signs a global glut has been drained.West Texas Intermediate fell 0.6%, after closing on Wednesday at a two-month high. The Colonial Pipeline -- a key source of gasoline and diesel for the East Coast -- returned to serv

12 May

Colonial Pipeline restart to take days as Southeast U.S. scrambles for fuel

Colonial Pipeline Restart To Take Days As Southeast U.S. Scrambles For Fuel

4/4Reuters. Holding tanks are seen at Colonial Pipeline's Linden Junction Tank Farm in Woodbridge, New Jersey, U.S. in an undated photograph. Colonial Pipeline/Handout via ./File Photo2/4By Joseph Menn and Stephanie Kelly -Colonial Pipeline began to restart the nation's largest fuel pipeline network on Wednesday but it will take days to get back to normal after a ranso

12 May

US Coast Guard shuts part of lower Mississippi River as bridge cracks

US Coast Guard Shuts Part Of Lower Mississippi River As Bridge Cracks

By Tom Polansek -More than 400 barges were delayed on the lower Mississippi River on Wednesday after a bridge crack prompted the U.S. Coast Guard to halt vessel traffic on a portion of the waterway crucial for shipping crops to export markets. The disruption hit as strong demand for U.S. corn and soybeans has tightened inventories and pushed crop prices to their highest in more than eigh

12 May

Colonial Pipeline has no plan to pay ransom to hackers -sources

Colonial Pipeline Has No Plan To Pay Ransom To Hackers -sources

. A truck passes holding tanks at Colonial Pipeline's Linden Junction Tank Farm in Woodbridge, New Jersey, U.S., May 10, 2021. /Hussein WaaileBy Joseph Menn and Christopher Bing WASHINGTON -Colonial Pipeline does not plan to pay the ransom demanded by hackers who have encrypted its data, according to sources familiar with the company's response on Wednesday. Col

12 May

Colonial Pipeline begins restart as Southeast U.S. scrambles for fuel

Colonial Pipeline Begins Restart As Southeast U.S. Scrambles For Fuel

4/4Reuters. Holding tanks are seen at Colonial Pipeline's Linden Junction Tank Farm in Woodbridge, New Jersey, U.S. in an undated photograph. Colonial Pipeline/Handout via ./File Photo2/4By Stephanie Kelly -Colonial Pipeline said on Wednesday it has begun to restart the nation's largest pipeline network, six days after a ransomware attack prompted it to shut the line,

12 May

Oil Soars on Cocktail of US Pipeline Closure, Gasoline Squeeze and Inflation Spike

Oil Soars On Cocktail Of US Pipeline Closure, Gasoline Squeeze And Inflation Spike

. By Barani Krishnan and Liz — Oil markets edged higher for a fourth day in a row on Wednesday as the gasoline price at U.S. pumps hit seven-year highs of around $3 per gallon and the government reported that inflation was roaring at levels last seen in 2008.The combined concerns over tight fuel supplies and price pressures to the upward made traders almost completely ignore a smaller-th

12 May

A Tiny Fund’s Assets Jump 1,700% This Year Thanks to Carbon Boom

A Tiny Fund’s Assets Jump 1,700% This Year Thanks To Carbon Boom

. A Tiny Fund’s Assets Jump 1,700% This Year Thanks to Carbon Boom -- This year’s surge in carbon prices has turned a little-known ETF into one of the fastest-growing products in the $6.2 trillion industry.In just five months, the KraneShares Global Carbon ETF (KRBN) has seen its assets jump more than 1,700% to $311 million, according to data compiled by . The exchan

12 May

Fistfights over fuel in U.S. Southeast: pipeline outage Day 6

Fistfights Over Fuel In U.S. Southeast: Pipeline Outage Day 6

4/4Reuters. Holding tanks are seen at Colonial Pipeline's Linden Junction Tank Farm in Woodbridge, New Jersey, U.S. in an undated photograph. Colonial Pipeline/Handout via ./File Photo2/4By Stephanie Kelly -Fuel shortages worsened in the southeastern United States on Wednesday, as the shutdown of the largest U.S. fuel pipeline network entered its sixth day and Washingt

12 May

'Do not fill plastic bags with gasoline' U.S. warns as shortages grow

'Do Not Fill Plastic Bags With Gasoline' U.S. Warns As Shortages Grow

. A couple fills up multiple 5 gallon gas tanks at a Wawa gas station, after a cyberattack crippled the biggest fuel pipeline in the country, run by Colonial Pipeline, in Tampa, Florida, U.S., May 12, 2021. /Octavio Jones By Chris Sanders WASHINGTON -The U.S. Consumer Product Safety Commission on Wednesday warned Americans to not fill plastic bags with gasoline as fuel shor

12 May

White House: Biden spent nearly two hours seeking collaboration in lawmaker meeting

White House: Biden Spent Nearly Two Hours Seeking Collaboration In Lawmaker Meeting

. U.S. President Joe Biden delivers remarks on the April jobs report from the East Room of the White House in Washington, U.S., May 7, 2021. /Jonathan Ernst/File PhotoWASHINGTON President Joe Biden held a "productive" meeting for nearly two hours with Republican and Democratic congressional leaders on Wednesday to identify areas where they could collaborate, e

12 May

Gold Rally Cut Short as Dollar, Yields Soar on Ramping US Inflation

Gold Rally Cut Short As Dollar, Yields Soar On Ramping US Inflation

. By Barani “What inflation?” — Gold bulls might be asking on Wednesday after a breakout in US consumer prices for April led to a familiar rally in the dollar and bond yields versus the yellow metal.Gold slipped further from the target of longs in the market to breach $1,850, after coming tantalizingly close to the resistance several times since last week upon its return to the $1,

12 May

Coast Guard shuts portion of lower Mississippi River due to bridge crack

Coast Guard Shuts Portion Of Lower Mississippi River Due To Bridge Crack

The U.S Coast Guard on Wednesday said it closed a portion of the lower Mississippi River near I-40 Bridge in Memphis, Tennessee to vessel traffic on Wednesday due to a crack near the bridge. "There are currently 16 vessels with a total of 229 barges in the queue," the Coast Guard said in a release.

12 May

U.S. fuel shortages worsen on Day Six of pipeline outage

U.S. Fuel Shortages Worsen On Day Six Of Pipeline Outage

3/3Reuters. Holding tanks are seen at Colonial Pipeline's Linden Junction Tank Farm in Woodbridge, New Jersey, U.S. in an undated photograph. Colonial Pipeline/Handout via ./File Photo2/3By Stephanie Kelly -Fuel shortages worsened in the southeastern United States on Wednesday, as the shutdown of the largest U.S. fuel pipeline network entered its sixth day and gasoline

12 May

Buttigieg says U.S. helping move fuel in wake of pipeline outage

Buttigieg Says U.S. Helping Move Fuel In Wake Of Pipeline Outage

. Transportation Secretary Pete Buttigieg makes comments at Union Station in Raleigh, N.C., Friday, April 30, 2021. Gerry Broome/Pool via REUTERSBy Jeff Mason WASHINGTON U.S. Transportation secretary Pete Buttigieg said the Biden administration is working around the clock to help deal with gas shortages and restore operations of the Colonial Pipeline, including movin

12 May

Panicked drivers in Southeast U.S. swarm pumps, ignore pleas to stop hoarding

Panicked Drivers In Southeast U.S. Swarm Pumps, Ignore Pleas To Stop Hoarding

2/2Reuters. People fill up their gas tanks at a Wawa gas station, after a cyberattack crippled the biggest fuel pipeline in the country, run by Colonial Pipeline, in Tampa, Florida, U.S., May 12, 2021. /Octavio Jones2/2By Rich McKay ATLANTA Drivers in the U.S. Southeast formed lines on Wednesday to fill up tanks from the dwindling number of retail gas stations with fuel to sell,

12 May

Oil Stockpile Drops 427,000 Barrels, Less Than Expected: EIA

Oil Stockpile Drops 427,000 Barrels, Less Than Expected: EIA

. By Liz -- U.S. oil stockpiles dropped by less than expected in the latest week, the Energy Information Administration said on Wednesday.Crude oil inventories fell 427,000 barrels last week, compared with analysts' expectations for a draw of 2.817 million barrels.Distillate stockpiles, which include diesel and heating oil, fell 1.733 million barrels in the week against expectations for a

12 May

Fuel shortages worsen on sixth day of top U.S. fuel pipeline outage

Fuel Shortages Worsen On Sixth Day Of Top U.S. Fuel Pipeline Outage

3/3Reuters. Holding tanks are seen at Colonial Pipeline's Linden Junction Tank Farm in Woodbridge, New Jersey, U.S. in an undated photograph. Colonial Pipeline/Handout via ./File Photo2/3By Stephanie Kelly -Fuel shortages worsened in the southeastern United States on Wednesday, as the shutdown of the largest U.S. fuel pipeline network entered its sixth day and gasoline

12 May

U.S. completes Jones Act assessments, ready to review waiver requests - White House

U.S. Completes Jones Act Assessments, Ready To Review Waiver Requests - White House

. White House Press Secretary Jen Psaki speaks during a press briefing at the White House in Washington, U.S., April 26, 2021. /Evelyn HocksteinWASHINGTON The U.S. Transportation Department has completed its assessment of what ships are available to carry petroleum products from the Gulf to the Eastern Seaboard and is ready to review any Jones Act waiver reque

12 May

Analysis-Cyberattack exposes lack of required defenses on U.S. pipelines

Analysis-Cyberattack Exposes Lack Of Required Defenses On U.S. Pipelines

. Holding tanks are seen in an aerial photograph at Colonial Pipeline's Dorsey Junction Station in Woodbine, Maryland, U.S. May 10, 2021. /Drone BaseBy Timothy Gardner WASHINGTON The shutdown of the biggest U.S. fuel pipeline by a ransomware attack highlights a systemic vulnerability: Pipeline operators have no requirement to implement cyber defenses. The U.S.

12 May

U.S. Gasoline Prices Rise Above $3/Gallon First Time Since 2014

U.S. Gasoline Prices Rise Above $3/Gallon First Time Since 2014

. Vehicles line up for fuel at a gas station in Sumter, South Carolina, U.S. on May 11. Photographer: Micah Green/ -- U.S. national average retail gasoline prices have risen above $3 a gallon for the first time since 2014, after a cyberattack shut operations at Colonial Pipeline, the main supply link for the East Coast.The nation’s average retail price is now at $3.0

12 May

IEA sees oil demand recovery outpacing growth in supply

IEA Sees Oil Demand Recovery Outpacing Growth In Supply

2/2Reuters. A gas pump is seen hanging from the ceiling at a petrol station in Seoul June 27, 2011. /Jo Yong-Hak2/2By Noah Browning LONDON Demand for oil will exceed the output of top producers due to progress in vaccinating the world against COVID-19, the International Energy Agency (IEA) said on Wednesday. "The anticipated supply growth through the rest of this yea

12 May

Oil climbs on solid demand outlook as market awaits fresh cues

Oil Climbs On Solid Demand Outlook As Market Awaits Fresh Cues

2/2Reuters. A well head and drilling rig in the Yarakta oilfield, owned by Irkutsk Oil Company (INK), in the Irkutsk region, Russia, March 11, 2019. /Vasily Fedosenko2/2By Shu Zhang and Sonali Paul SINGAPORE -Oil prices rose on Wednesday after a drop in U.S. crude inventories reinforced OPEC's robust demand outlook, while the market awaited fresh updates on the Colonia

12 May

Top U.S. fuel pipeline edges toward reopening as gasoline shortages worsen

Top U.S. Fuel Pipeline Edges Toward Reopening As Gasoline Shortages Worsen

3/3Reuters. Holding tanks are seen at Colonial Pipeline's Linden Junction Tank Farm in Woodbridge, New Jersey, U.S. in an undated photograph. Colonial Pipeline/Handout via ./File Photo2/3The top U.S. fuel pipeline, which has been disabled by a cyberattack for six days, sent workers to manually release some stored supplies on Wednesday as fuel shortages across the Sou

12 May

U.S. waives environmental rule to ease fuel shortages in 12 states

U.S. Waives Environmental Rule To Ease Fuel Shortages In 12 States

2/2Reuters. Signage is seen at the headquarters of the United States Environmental Protection Agency (EPA) in Washington, D.C., U.S., May 10, 2021. /Andrew Kelly2/2WASHINGTON -U.S. environmental regulators issued emergency fuel waivers on Tuesday to help alleviate shortages in reformulated gasoline in 12 states and the District of Columbia as supplies tighten five days