Colonial Pipeline says it aims to restore service by end of the week | CNBC

Colonial Pipeline said Monday afternoon that parts of its system are being brought back online, and it hopes to restore service by the end of the week.

“Segments of our pipeline are being brought back online in a stepwise fashion, in compliance with relevant federal regulations and in close consultation with the Department of Energy, which is leading and coordinating the Federal Government’s response,” the company said in a statement.

The company said the situation “remains fluid and continues to evolve,” and that it’s following an incremental process that will return sections to service based on a phased approach.

“This plan is based on a number of factors with safety and compliance driving our operational decisions, and the goal of substantially restoring operational service by the end of the week,” the company said.

Gasoline futures were slightly higher early Monday afternoon on Wall Street, after spiking to their highest level in around three years during overnight trading.

“The initial price movement was a knee-jerk reaction, expecting severe or prolonged impacts to gasoline, and heating oil and other product supply,” said Darwei Kung, head of commodities at DWS Group. “I think people are looking at the situation right now, and understanding that the disruption probably is not nearly as severe as the initial knee-jerk reaction would imply.”
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