US colonial pipeline to restart by the end of the week

Crude oil, US gasoline and diesel prices declined on early Tuesday as the pipeline operator announced that transport capacity should be restored by the end of the week, while it started to operate a subsection of the line manually to flow product inventories to the East coast. Gulf Coast refiners are already cutting gasoline and diesel output to limit product builds in the region. Indian Oil Corp, one of the key Indian refiner, is cutting utilization rates for their refineries to 85%, 10 %pts lower than April, as product stocks as swelling due to the magnitude of the demand destruction.