The most prominent event happened last week was the announcement by Enbridge Inc. that it is buying from Enterprise 50% stake of the 805 km Seaway Pipeline of which the flow direction will be reversed. Crude will then be allowed to be transported from Cushing, Oklahoma to the US Gulf Coast. The Seaway pipeline will initially be able to carry 150K bpd by 2Q12, followed by an increase to 400K bpd by early 2013 after more pump stations are added.
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Weekly Fundamentals – Few Room for WTI-Brent Spread to Narrow Further
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