- Colonial Pipeline says it will shut its main diesel and jet fuel line tonight and its gasoline line tomorrow from the Gulf coast to the eastern U.S. because of outages at its supply points and a lack of supply from refiners due to Tropical Storm Harvey.
- Colonial is the biggest U.S. refined products system, and feeds markets such as New York, Washington and Atlanta; it is owned by Koch Industries, South Korea’s National Pension Service, Royal Dutch Shell (LON:RDSa) (RDS.A, RDS.B) and others.
- Of the 26 refineries connected to the Colonial system, 13 are located between Houston and Lake Charles, La.
- “With Colonial shut and a quarter of Gulf coast refining capacity out... consumers will see the impacts of these disruptions and higher cost alternatives in higher prices paid at the pump,” says Jason Bordoff, a one-time presidential energy adviser who runs Columbia University’s Center on Global Energy Policy.
- The news sparked U.S. gasoline prices to a two-year high of $1.9350/gal, while margins also pushed to a two-year high of $24.38/bbl.
- Kinder Morgan (NYSE:KMI) says its 700K bbl/day Plantation Pipeline system, which originates in Louisiana and ends in the D.C., area, remains fully operational.
- ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, UGA, DTO, USL, DNO, OLO, SZO, OLEM, OILK, WTIU, OILX, WTID, USOI
- Now read: Is Royal Dutch Shell's 7% Yield Safe?
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Colonial Pipeline shutting down lines to eastern U.S.; pump prices sure to rise
Published 08/30/2017, 09:23 PM
Colonial Pipeline shutting down lines to eastern U.S.; pump prices sure to rise
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