Glacier FarmMedia COVID-19 & the Farm

Global Markets: Fuel begins moving again in Eastern U.S.

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, May 13 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Colonial Pipeline resumed moving fuel through its pipelines on Thursday as the major supplier gasoline, diesel and jet fuel recovers from a devastating cyberattack. Reports stated it would take Colonial several days to bring its network back up to speed after Darkside hacked the company’s computer network six days ago. The shutdown led to panic buying of fuel that created shortages throughout the eastern United States.

– As the worst violence in seven years continues between Gaza and Israel on Thursday, the Israeli Defence Force (IDF) continued to build its troops along the border, warning that an invasion could be imminent. Reports said the IDF carried out further strikes on targets in Gaza, with the death toll in the Palestinian territory rising to at least 84 people. In Israel, seven people have been killed in rocket attacks launched by Palestinian militants.

– Tesla announced on Wednesday that it is suspending vehicle purchases made with Bitcoin. Company founder, Elon Musk, cited concerns about the burning of fossil fuel for electricity to power computers. Musk said the ‘mining’ operations by several computers can consume an equivalent amount of energy as some countries. Earlier this year, Tesla said it had acquired US$1.5 billion of Bitcoin and began accepting the crypto-currency for vehicle purchases. Following Tesla’s move Bitcoin lost 17 per cent of its value.

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