Five days after TC Energy's Keystone pipeline shut down following a 14,000-barrel spill into a Kansas creek, traders are questioning whether there is enough oil in storage in key locales if the pipeline remains shut for a number of weeks.
Keystone pipeline shut down following a 14,000-barrel spill into a Kansas creek, traders are questioning whether there is enough oil in storage in key locales if the pipeline remains shut for a number of weeks.
Following a previous Keystone leak in 2019, which triggered a 13-day shutdown, inventories climbed by 13.6 million barrels over five weeks. The spare capacity on hand this time suggests Canadian storage hubs have ample space for any barrels stranded in Alberta. Crude oil stocks at the Gulf Coast stood at about 226.5 million barrels, lowest in more than eight months, according to data from U.S. Energy Information Administration. Weekly Gulf Coast gross input into refineries stood at 9.4 million barrels per day. However, analysts were not worried about inventory.
Prices of U.S. sour crude oil grades strengthened slightly on Monday, as refiners sought alternatives to Canadian barrels. Mars Sour WTC-MRS firmed 10 cents to a discount of $5.60 to U.S. crude futures, while West Texas Sour also strengthened 35 cents to a $1.15 discount.Inventories at the U.S. crude storage hub in Cushing, Oklahoma, totaled 28.3 million, according to Wood Mackenzie data for the week ending Dec 9. That puts inventories at about a third of capacity, and less than 4.
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