Shares of energy companies fell as investors tried to ascertain the medium-term implications of a pipeline shutdown.
The Colonial Pipeline system, a 5,500-mile-long conduit for gasoline from the Gulf Coast to the Northeast, remained shut Tuesday, as the company that operates it worked to minimize damage from a cyberattack. Uncertainty about the duration of the outage pushed oil futures above $65 a barrel.
Drivers across the East Coast are piling into gas stations, resulting in long lines and shortages as motorists cope with what could be a weeklong shutdown of the pipeline.
Quantum Energy Partners has started raising $4.5 billion for its eighth energy-focused flagship strategy, betting that rising oil prices will help it win over investors after putting the campaign on hold last year, The Wall Street Journal reported.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-11-21 1615ET
