PRESS ROOM
Energy prices rise in the wake of Colonial cyber attack
Friday 14th May '21
Colonial Pipeline Co., a gasoline supplier, diesel, and jet fuel to the eastern US, was forced to halt operations on Friday 07 May due to a ransomware attack that affected some of its IT systems. Colonial Pipeline Co is the largest US oil-products pipeline (with a capacity to transport 2.5mn barrels of gasoline and other oil products per day). With little clarity over when the pipeline’s full capacity will be restored, crude oil prices are climbing along with gasoline. This has also led to an increase in the crack spread of US gasoline versus WTI Crude oil.