US colonial pipeline shutdown due to a ransomware

ICE Brent prompt prices were supported at 68.8 $/b by a rapidly weakening dollar and the shut down of the US colonial pipeline on Friday evening, which transports about 2.5 mb/d of petroleum products through the US from the Gulf Coast to the East Coast. Tankers were already being chartered as soon as Saturday to mitigate the risk of shortage for the Atlantic coast. If the issue lasts more than 3 to 5 days, we could see significant drawdowns on gasoline and diesel stocks.