Free Trial

Crude Steadies After Rallying on Keystone Outage


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

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.