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Market Alert

Energy futures are soaring higher after an explosion and fire in Shelby, Alabama on the critical Colonial Pipeline.  The event killed one and sent five to the hospital.  The site is about a mile west of a massive leak last month that closed the Gasoline pipeline for 12-days.  The 5,500 mile Colonial is the largest Refined Product pipeline from the Gulf Coast to New York Harbor, the NYMEX delivery hub.   Physical traders are actively buying futures to protect supply since NYMEX must insure delivery to New York Harbor for Diesel and Gasoline.  The bounce in Refined Product futures turned Crude Oil from negative territory overnight to sharp gains in early morning trade.  RBOB futures have gone from negative territory overnight to positive of about 6-cents before the regular session is even open.  It looks like massive short covering and sharply higher prices today. 

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