A rally in gasoline futures lost steam as traders expect there will be enough fuel supply to meet demand after a cyberattack led to the shutdown of the largest U.S. oil-products pipeline. Crude futures reversed gains.
Colonial Pipeline Co., a supplier of fuels to the eastern U.S., was forced to halt operations late May 7 and said May 9 that it’s still working toward a restart of the key artery that’s vital to energy flows across the country. Gasoline futures earlier surged as much as 4.2% to the highest mark since May 2018 on May 10. Meanwhile, oil futures slipped as at least one U.S. Gulf Coast refiner cut processing rates with plentiful fuel supply in the region, hurting demand for crude.
