Seeking Alpha

Keystone Gulf portion nears start date, oil futures rise

  • TransCanada (TRP -0.4%) says the southern leg of the controversial Keystone XL pipeline project is 95% complete, although it won't start carrying oil until after October.
  • The pipeline's progress is positive for West Texas crude prices because rumors had been going around that the project could be delayed; WTI rose as much as 1.8%, reversing an earlier decline, after the news broke.
  • The line is expected to speed the decrease of crude stockpiles at the Cushing, Okla., hub; supplies at Cushing fell to 32.8M barrels last week, the 13th straight weekly decline and lowest level since Feb. 2012, as new railroads and pipelines continue to reduce the surplus of oil in the region and transport it to refiners on the Gulf coast.
  • ETFs: OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI.
Comments (1)
  • I'm sorry, what the hell do the bank analysts, mostly with little or no real knowledge of the Energy Sector, think they will achieve by the manipulative boiler plate they continuously spout! Nurse on your $85 billion a month and leave the oil and gas business to the grown ups!

     

    Shorting the refiners is not only hobbling the economy, it is creating a massive price which must be paid. I am losing many thousands of dollars while some bank funds endlessly break various laws sucking the life-blood out of the industry and the hundreds of related employers, who drive the backbone of our country. Food is the primary reinforcement for Humans. Oil and gas are the primary reinforcements to fuel industry, transportation and manufacturing of literally thousands of products! Civilized society cannot do without it!

     

    The insane demands on industry by our ignorant administration and its minions will soon demand repayment for the tens of trillions they have squandered!

     

    3 Oct 2013, 10:47 AM Reply Like
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