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Crude Steadies After Rallying on Keystone Outage

OIL

WTI crude prices have steadied after an initial surge following the reported outage on the 622kbpd Keystone pipeline.

  • A prolonged outage would tighten supplies at the Cushing delivery point. EIA data yesterday showed Cushing stocks are already below the five year average and refineries are running at high rates to maximise diesel output. The outage could also weigh on Canadian crude blend prices.
  • The WTI -Brent front month spread closed in to the closest since mid June at around 4.0$/bbl.
  • The prompt WTI spread has pulled back to parity after surging into backwardataion reaching +0.24$/bbl following the news.
    • Brent FEB 23 up 1% at 77.94$/bbl
    • WTI JAN 23 up 2% at 73.46$/bbl
    • WTI-Brent up 0.29$/bbl at -4.46$/bbl
    • WTI JAN 23-FEB 23 up 0.24$/bbl at -0.03$/bbl
    • WTI FEB 23-MAR 23 up 0.14$/bbl at -0.1$/bbl
    • WTI JUN 23-DEC 23 up 0.25$/bbl at 1.28$/bbl
    • WTI DEC 23-DEC 24 up 0.05$/bbl at 2.96$/bbl
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