Oil slips as Asia pandemic fears counter U.S. pipeline cyberattack [Toronto Globe and Mail (Ontario, Canada)]
Marathon Petroleum Corporation (MPC)
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Source: Toronto Globe and Mail
Oil slips as Asia pandemic fears counter U.S. pipeline cyberattack Oil fell on Monday, giving up an earlier gain, as the impact of a cyberattack that forced the shutdown of major fuel pipelines in the United States was countered by expectations rising COVID-19 cases in Asia will reduce demand. Colonial Pipeline said on Sunday its main fuel lines remained offline after the attack that shut the system on Friday, but some smaller lines between terminals and delivery points were operational. While the attack was initially seen as bullish, it could limit crude demand if refiners on the Gulf Coast cut runs, analysts said. “We know that COVID concerns in India and throughout Asia will hurt demand expectations,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. Last week, traders’ focus had shifted to supportive factors around the U.S. opening. “Now the market will be watching the pipeline story, because there is a concern that refiners will not run as much oil if this pathwa
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MPC
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- 4/26/24 - Form 8-K
- 4/3/24 - Form 4
- 4/3/24 - Form 4
- MPC's page on the SEC website