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After nearly a weeklong shut-down from the worst industrial
cyberattack in history, Colonial Pipeline announced a return from
the Digital Disruption early Thursday morning. Colonial Pipeline
announced this morning that they have, "made substantial progress
in safely restarting our pipeline system and can report that
product delivery has commenced in a majority of the markets we
service. By mid-day today, we project that each market we service
will be receiving product from our system."
Since the cyberattack, Colonial has delivered approximately 41
million gallons to various delivery points along their system and
have taken delivery of an additional 84 million gallons from
refineries in anticipation of their full restart. The company has
also increased aerial patrols of the pipeline right of way and
deployed more than 50 personnel to walk and drive over 5,000 miles
of pipeline each day. Despite the positive news from Colonial
Pipeline, product shortages are expected to continue through the
weekend as panic buying continues throughout the south-eastern
United States. Space on Colonial Pipeline's main gasoline line
traded at its highest point in more than a year as operations on
the pipeline system resume after an outage since Friday. Capacity
on Colonial Pipeline Line 1 traded in the morning hours on Thursday
at 1ct over pipeline tariff rates, the highest value for space on
Line 1 since February 2020, according to OPIS data.
With the pipeline outage, Gulf Coast refiners employed a variety
of measures to compensate for the lack of access to the country's
largest refined products pipelines. Those methods included
reductions in run rates, booking tankers as short-term storage,
efforts to increase waterborne exports and shipments on the
Plantation Pipeline that runs from Louisiana to Virginia. The
government also employed various measures including easing hours
and weight restrictions for truck tankers, RVP waivers, Jones Act
waivers, and allowing the use of off road-red-dye diesel.
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