US pipeline operator Colonial Pipeline shuts major fuel line after cyber attack

US pipeline operator Colonial Pipeline shuts major fuel line after cyber attack

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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.

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.

The action has temporarily halted operations and affected some of its IT systems.

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.

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.

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,