Shortages of gasoline at retail stations in the U.S. Southeast became more widespread after days of panic buying triggered by a major pipeline shutdown that is now in the early stages of an attempted restart. Drivers from Virginia to Florida struggled to find service stations that still had fuel to sell, and those that succeeded waited in long lines to pay prices that had climbed to their highest in years. Nicole Guy, a leasing agent in Atlanta, spent much of Thursday morning driving from [Read more]

Oil prices fell on Thursday, pulling back from an eight-week high as concerns about the coronavirus crisis in India, the world's third-biggest importer of crude, tempered a rally driven by IEA and OPEC predictions that demand is coming back strong. West Texas Intermediate (WTI) dropped $1.20, or 1.83%, to $64.49 a barrel, having risen 1.2% in the previous session.  Brent crude was down $1.28, or 1.85%, at $67.74 a barrel, after gaining more than 1% on Wednesday. "The path for crude prices [Read more]

After a six-day outage, the top U.S. fuel pipeline on Thursday moved some of the first millions of gallons of motor fuels to East Coast states after throwing off a crippling cyberattack. The Colonial Pipeline Co, which can carry 100 million gallons per day of gasoline, diesel and jet fuel, resumed computer-controlled pumping after adding safety measures. It will take several days for deliveries to fully recover and interruptions are possible, the company said. The shutdown caused gasoline [Read more]

Oil prices moved up on Wednesday after a drop in U.S. crude inventories reinforced OPEC's robust demand outlook, while the market awaited fresh updates on the Colonial Pipeline outage. U.S. West Texas Intermediate (WTI) crude futures rose 75 cents, or 1.17%, to $66.24 a barrel, adding to a 36 cent rise on Tuesday. Brent crude futures climbed 87 cents, or 1.27% to $69.51 a barrel, adding to a 23 cent gain on Tuesday. Data from the American Petroleum Institute industry group showed U.S. [Read more]

Oil prices fell on Tuesday as fears of prolonged outage of the largest U.S. fuel pipeline system, Colonial Pipeline, faded, while some U.S. Gulf Coast refiners cut output. U.S. West Texas Intermediate (WTI) crude futures fell 32 cents, or 0.47%, to $64.55 a barrel.  Brent crude futures dropped 32 cents, or 0.47%, to $67.92 a barrel. "The rally in oil prices was short-lived as the Colonial Pipeline disruption seems it will not have a prolonged impact," Edward Moya, senior market analyst at [Read more]