Mid-Week Review – May 19, 2021

By Published On: May 19, 2021Categories: Daily Market News & Insights, Mid-Week Review

U.S. gas stations still shut, prices at 7-yr high in slow recovery from cyberattack

The top U.S. fuel pipeline operator said its lines were fully operational on Monday, but it will take some time for supplies to recover fully from a cyberattack that left thousands of gas stations without fuel. Last week’s closure of Colonial Pipeline’s 5,500-mile (8,900-km) system was the most disruptive cyberattack on record, preventing millions of barrels of gasoline, diesel and jet fuel from flowing to the East Coast from the Gulf Coast. Colonial was fully operational on Monday and was transporting fuel at normal levels, the company said. Click Here to read more from Reuters.

High fuel prices and shortages hit trucking industry, as nation critically needs gasoline and goods transported

The gasoline crunch has added a new layer of difficulty to what was already considered a difficult job. The trucking industry — which requires long hours and tends to churn through workers, resulting in comparatively higher turnover — is the critical circulatory system for the economy, transporting consumer goods to and from warehouses, where they make their way to consumers’ homes. As the nation claws its way out of the pandemic recession, truck drivers are key to ensuring continued consumer spending, which contributes to nearly 70 percent of economic growth. Click Here to read more from the Washington Post.

Oil prices post highest finish in over 2 years on demand optimism

Oil futures climbed on Monday to post their highest finish in more than two years, as signs of a demand recovery in the U.S. and Europe fed optimism over the outlook for energy demand, despite a round of weaker-than-expected economic data from China. “The market appears to remain focused on longer-term optimism tied to strong demand recovery in the U.S., Europe and much of Asia,” said Robbie Fraser, global research and analytics manager at Schneider Electric, in a note. Click Here to read more from Market Watch.

Crude Oil Prices Fall as US-Iran Nuclear Talks, Stockpiles Eyed

Crude oil prices extended lower during Wednesday’s APAC trade after falling 1.56% a day ago. A Russian official said on Tuesday that US-Iran nuclear talks have made significant progress, sending oil prices sharply lower. Traders are worried about higher Iranian output if the two countries are moving closer to striking a deal. This may pave the way for removing some sanctions, including limiting Iran’s oil exports, imposed by the Trump administration. Click Here to read more from Daily FX.

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