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Speculation a Keystone Section Could Restart Soon

OIL

WTI spread prices are still supported by the outage to the Keystone oil pipeline despite some traders expecting a segment to restart soon.

  • TC Energy Corp. declared force majeure on the Keystone oil pipeline due to a leak into a creek in Kansas. The pipeline has a capacity of 622kbpd with an estimated 14kbbls of oil released from the spill.
  • Some traders estimate that one segment of the pipeline north of the spill could restart soon with the spill south of a pipeline leg split off according to Bloomberg.
  • The outage caused a short spike in WTI prices with the prompt spread still trading at -0.12$/bbl having been down at -0.3$/bbl before the spill. The WTI-Brent spread is trading at -4.5$/bbl compared to around -5$/bbl before the outage.
  • Any prolonged outage is likely to impact US crude inventories with stocks at Cushing already below the five year average levels.
Energy BulletsCommodities
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