Colonial Pipeline offline CBOB differential spikes 4 cents on the day

Colonial Pipeline offline CBOB differential spiked 4 cents/gal May 12, while the flat price reached its highest value since the March 12 assessment.

Offline CBOB differential settled at NYMEX June RBOB plus 0.1 cent/gal, based on a bid heard flat to June futures. The flat price strengthened even further, as it climbed 6.11 cents/gal to $2.162/gal.

Conventional grade rose 2.05 cents/gal to June futures plus 3 cents/gal, while the outright price climbed 4.16 cents/gal to $2.191/gal, the highest value since $2.198/gal on March 11.

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Offline RBOB strengthened to a lesser extent, and gained 10 points on the day to June futures plus 2.5 cents/gal. The outright value settled at $2.186/gal, up 2.21 cents/gal day on day. Value was last seen higher on March 11, when RBOB was assessed at $2.197/gal.

Strength in the offline assessments continued to be due to the Colonial Pipeline shutdown.

Colonial Pipeline halted all pipeline operations May 7 because of a ransomware attack. Colonial said it hopes to have the pipeline substantially back online by the end of the week as it restarts one segment at a time.