Crude-oil prices fell Thursday as Colonial Pipeline said product delivery has resumed in most of its markets, after a hack of its data system last week led led it to close the pipeline.
“Colonial Pipeline has 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,” the company said Thursday on its website.
“By midday today, we project that each market we service will be receiving product from our system.” Colonial serves almost all of the U.S. East Coast.
West Texas Intermediate crude recently traded at $64.46, down 2.45%. It has soared 57% over the past six months as investors expressed optimism that the economy would recover from the pandemic.
The pipeline shutdown also had sent gasoline prices higher. Retail gas prices average $3.03 a gallon Thursday, up from $3.01 Wednesday and $2.94 a week earlier, according to AAA.
On Wednesday, Colonial said that it had begun reopening its pipeline. “It will take several days for the product delivery supply chain to return to normal,” the company said.
“Some markets served by Colonial Pipeline may experience, or continue to experience, intermittent service interruptions during the start-up period.
“Colonial will move as much gasoline, diesel, and jet fuel as is safely possible and will continue to do so until markets return to normal.”
On Monday, TheStreet.com Founder Jim Cramer discussed four stocks he’s watching in the wake of Colonial’s shutdown: Enterprise Products Partners (EPD) - Get Report, Kinder Morgan (KMI) - Get Report, Chevron (CVX) - Get Report and Pioneer Natural Resources (PXD) - Get Report.