14.6 C
Munich
Friday, August 6, 2021

Largest refined pipeline operator in U.S. shuts down network after cyberattack – National

Must read

Social Media Marketing for Franchises is Meant for Women

The main thing that you have to remember on this journey is just be nice to everyone and always smile. Refreshingly,...

Customer Engagement Marketing: A New Strategy for the Economy

The main thing that you have to remember on this journey is just be nice to everyone and always smile. Refreshingly,...

Entrepreneurial Advertising: The Future Of Marketing

The main thing that you have to remember on this journey is just be nice to everyone and always smile. Refreshingly,...

Mobile Marketing is Said to Be the Future of E-Commerce

The main thing that you have to remember on this journey is just be nice to everyone and always smile. Refreshingly,...

[ad_1]

Top U.S. fuel pipeline operator Colonial Pipeline has shut its entire network after a cyber attack, the company said in a statement on Friday.

Colonial’s network supplies fuel from U.S refiners on the Gulf Coast to the populous eastern and southern United States. The company transports 2.5 million barrels per day of gasoline, diesel, jet fuel and other refined products through 5,500 miles (8,850 km) of pipelines.

Colonial Pipeline says it transports 45% of East Coast fuel supply.

Read more:
‘Irreparable consequences’: First Nations group slams Ottawa for protecting Line 5 pipeline

The company learned of the attack on Friday and took systems offline to contain the threat, it said in the statement. That action has temporarily halted operations and affected some of its IT systems, it said.

Story continues below advertisement

The company has engaged a third-party cybersecurity firm to launch an investigation, and Colonial has contacted law enforcement and other federal agencies, it said.


Click to play video: 'Battle brews over fate of Enbridge Line 5 pipeline'







Battle brews over fate of Enbridge Line 5 pipeline


Battle brews over fate of Enbridge Line 5 pipeline

Colonial did not give further details or say for how long its pipelines would be shut.

Reuters reported earlier on Friday that Colonial had shut its main gasoline and distillate lines.

During the trading session on Friday, Gulf Coast cash prices for gasoline and diesel edged lower.


Click to play video: 'Enbridge to ignore Line 5 shutdown order, pipeline opponents vow to fight on'







Enbridge to ignore Line 5 shutdown order, pipeline opponents vow to fight on


Enbridge to ignore Line 5 shutdown order, pipeline opponents vow to fight on

Both gasoline and diesel futures on the New York Mercantile Exchange rose more than crude prices during the day. Gasoline futures gained 0.6% to settle at $2.1269 a gallon, while diesel futures rose 1.1% to settle at $2.0106 a gallon.

Story continues below advertisement

Longer-term price effects will depend on the amount of time that the lines are shut. If barrels are not able to make it onto the lines, Gulf Coast prices could weaken further, while prices in New York Harbor could rise, one market participant said.

Colonial significantly shut down its gasoline and distillate lines during Hurricane Harvey, which hit the Gulf Coast in 2017.

During that time, spot Gulf Coast gasoline prices rose to a five-year high, while diesel prices rose to around a four-year high.

(Reporting by Stephanie Kelly Editing by Simon Webb, Shri Navaratnam and Gareth Jones)






[ad_2]

Source link

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

Social Media Marketing for Franchises is Meant for Women

The main thing that you have to remember on this journey is just be nice to everyone and always smile. Refreshingly,...

Customer Engagement Marketing: A New Strategy for the Economy

The main thing that you have to remember on this journey is just be nice to everyone and always smile. Refreshingly,...

Entrepreneurial Advertising: The Future Of Marketing

The main thing that you have to remember on this journey is just be nice to everyone and always smile. Refreshingly,...

Mobile Marketing is Said to Be the Future of E-Commerce

The main thing that you have to remember on this journey is just be nice to everyone and always smile. Refreshingly,...

How Nancy Reagan Gave Glamour and Class to the White House

The main thing that you have to remember on this journey is just be nice to everyone and always smile. Refreshingly,...