Energy & Cybersecurity Shares Initially Lower Despite Colonial Pipeline Hack

Spotlight Growth - Penny Stocks, Small Cap Stocks, Micro-Cap and Micro Cap Stocks, Stock Exchange, NASDAQ, Crypto, BitCoin, DogeCoin, Ai, Artificial Intelligence, Chat GPT, OpenAi, Open Ai, ASURE Software, Trending, Now, Breaking News, BioTech, Data, Analytics, Technology, Big Tech, Banking, SVB, Bank Closures, Failures, Finance, Stock Market News, WeBull, RobinHood, Reddit Traders, Trading, Investing, Investors, Investment, Investments, Day Trading, Real Estate, VC, Venture Capital, Private Equity, Firm, Firms, OTC Markets, Public, Private, OTCQB, GOOG, APPLE, Shareholders, Stakeholders, Shares, Finance Education, Blog, Articles, Consumer Goods, Pharma, Commodities, Precious Metals, Gold, Silver, Cannabis, CBD, Lithium, Electric Vehicles, Solar, Tesla, Charging, EV, Cloud Computing, Wall Street Bets, Sports Betting, Economy, Economics, IPO, Trade Ideas, Intellectual Property Rights, Private Placement, Crowd Funding, Fundraising, Meta, Metaverse, Web 3, Cyber, Cybersecurity, Cyber Security, Aircraft, VPN, Yahoo Finance, Benzinga, BarChart.

Oil & gas prices gave back early gains on Monday, amid a cyber-attack that has shut down the U.S.’s largest gasoline pipeline for the past four days. Crude oil, gasoline, natural gas, and other petrol products saw an initial spike as futures markets opened on Monday, but failed to hold onto gains throughout the day.

Colonial Pipeline carries an average of 2.5 million barrels a day of diesel, gasoline, and jet fuel; representing 45% of the East Coast’s supply. Despite early efforts to get back online, the pipeline operator says they are still days away from being back in full operation, giving the weekend an initial key target for resumption.

The FBI has publicly identified “DarkSide” as the criminal network behind the ransomware attack that brought down the pipeline. DarkSide has since issued a statement noting the incident saying “our goal is to make money and not creating problems for society.”

Colonial Pipeline: Looming Fuel Shortage Could Cause Major Disruption, Surge in Prices

As of Monday evening, there are no reports of any major fuel shortages, as the near-term picture remains somewhat stable. However, the cyber-attack is already disrupting oil refineries across the United States. A prolonged shutdown of the Colonial Pipeline could have a severe impact on energy prices.

Gaurav Sharma, an independent oil analyst, has noted that Texas refineries are seeing a lot of fuel stranded as a result of the pipeline shutdown. Sharma added that oil futures traders are now all-hands-on-deck to help meet demand as inventories begin to decline.

*Colonial Pipeline Map; Source: Colonial Pipeline*

“Unless they sort it out by Tuesday, they’re in big trouble,” said Mr. Sharma. “The first areas to be hit would be Atlanta and Tennessee, then the domino effect goes up to New York.”

President Biden has issued an emergency order in response to the attack, which has helped relaxed laws on road transport of oil & gas. The Administration says an investigation is ongoing into all aspects of the cyber-attack.

Cybersecurity Stocks Get Caught In Tech Sell-Off

Cybersecurity stocks saw renewed interest amid news of the attack on the Colonial Pipeline. As was the case with energy prices, cyber firms saw an initial bump only to give back gains as the trading day marched on. Many market analysts attributed the reversal to the overall tech-led Nasdaq sell-off.

Despite the initial response, the attack is just the latest in a string of high-profile cyber intrusions on government and corporate entities. Cybersecurity demand is expected to pick up, as more organizations are pushed to find potential solutions to offsetting chances of intrusion.

Overall, the Colonial Pipeline hack is yet another reminder of how vulnerable our infrastructure and networks are to cyber-attacks. Cybersecurity defenses on a government and corporate level remain very limited, despite the risks. At some point, the U.S. government will need to begin addressing these cyber hacks that are only getting more disruptive. For the next several days, all eyes will be on the pipeline and fuel inventories.

Energy & Cybersecurity Shares Initially Lower Despite Colonial Pipeline Hack

Asure Software (NASDAQ: ASUR) is Expanding to Meet the Rising Demand for Human Capital Management Software

OLB Group (NASDAQ: OLB) and Cuentas (NASDAQ: CUEN) Team Up to Bring Fintech Solutions to Over 32,000 Bodegas Across the United States

New Purchase Orders for SD7 Rugged Device, VK7, and Other Accessories Boost Siyata Mobile’s Outlook (NASDAQ: SYTA)

Telcoin (TEL) Quietly Leads a Crypto Remittance Revolution

Vision Marine (NASDAQ: VMAR): An Innovative, Revenue-Producing Company Riding the Electric Boating Growth Trend

Decentraland (MANA) is the Proof of Concept for the Emerging Metaverse

Alfi, Inc. (NASDAQ: ALF) Climbs 51% After Entering Into Agreement with Miami-Based Fulfillment & Distribution Center For its Ridesharing Digital Tablet Rollout

Telcoin (TEL) Continues to Demonstrate Fundamental Progress, Displaying Bullish Technical Setup

Grove Collaborative (NYSE: GROV) Expands Retail Distribution Footprint Into 2,200 Additional Stores

The Metaverse is Exploding in Popularity and Growth

Cybersecurity Stocks Coming Into Focus Amid High-Profile Attacks

Safe-T (NASDAQ: SFET) Has Been Selected to Present at the United Nations’ Office of Information and Communications Technology Event

Safe-T Group (NASDAQ: SFET) Reports Fourth Quarter and Full Year 2020 Financial Results

Safe-T Group Ltd. (NASDAQ: SFET) Estimates Record-High Annual Revenues of Approximately $4.9 Million Representing ~50% Growth YoY 2020

Safe-T Group Ltd. (NASDAQ: SFET) to Participate at A.G.P.’s Virtual Emerging Growth Technology Conference on February 4, 2021

Nvidia Announces New Chip Specifically For Ethereum Mining

Sortis Holdings, Inc. (OTC Pink: SOHI) Announces Results for Second Quarter 2020

Medical Marijuana Coming Soon to Virginia

SushiSwap (SUSHI) Appropriates Uniswap’s Liquidity Pool by Preempting Native Token Release

Europe Shows Signs of Warming to SPACs

Singapore’s Journey to Becoming a Biotech Powerhouse

SeaStar Medical (NASDAQ: ICU) Earns Third FDA Breakthrough Device Designation for Selective Cytopheretic Device

Exploring What Led to a 3,000% Surge in Shares of Tempest Therapeutics (NASDAQ: TPST)

Vivos Therapeutics (NASDAQ: VVOS) Secures Strategic Alliances to Enhance Clear Aligner Offerings and Bolster Revenue Streams

Shares of Soleno Therapeutics (NASDAQ: SLNO) Surge Over 500% After Its DCCR Candidate Shows Promise in PWS Clinical Trials

Understanding EBITDA and Adjusted EBITDA: A View Into Asure’s (NASDAQ: ASUR) Recent Financial Performance

From Microsoft to Travel Tech: VCI Global’s (NASDAQ: VCIG) Expanding AI Horizons

Singapore’s Leap into the Future of Cell and Gene Therapies

Asure (NASDAQ: ASUR) Completes Capital Raise to Fuel High-Interest Debt Reduction, Craig-Hallum Analyst Praises Move and Estimates Bullish Outcome

Asure (NASDAQ: ASUR) Reports Massive 50% Y/Y Revenue Growth During Q2 2023, Raises $40 Million to Pay Off High-Interest Debt and Fund Acquisitions

Recent News

Singapore’s Journey to Becoming a Biotech Powerhouse

SeaStar Medical (NASDAQ: ICU) Earns Third FDA Breakthrough Device Designation for Selective Cytopheretic Device

Categories

Site Navigation