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Crude oil surges as Keystone pipeline shut following leak in Kansas

Data analyzing in commodities energy market: the charts and quotes on display. US WTI crude oil price analysis. Stunning price drop for the last 20 years.

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Crude oil futures surge Thursday following news the 622K bbl/day Keystone pipeline was shut down in response to an oil leak into a creek in Kansas.

Crude prices already were rising after sinking 11% in four straight

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Comments (205)

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The environmentalists have been right all along about these pipes being ticking time bombs
@Buy Buy Buy Really? Would there be fewer incidents if oil was moved by railroad tanker and/or trucks? Which transportation method emits more green house gases?
@Buy Buy Buy lol…..oils been bubbling out of the earth for millions and millions of years. It’s only recently, few thousand years, that surface oil has disappeared most was used a water proofing or others.

Wow it comes pouring out of the earth. It came from earth spills on earth. The amount of dangerous compounds is microscopic compared industrial waste.

O boy a swimming pool of oil, it will be contained and clean up. Please stop using energy to help!

Per google:

“Windmill bird deaths
Shawn Smallwood estimated there were 888,000 bat and 573,000 bird fatalities (including 83,000 among raptors) in the U.S. Two other studies published around the same time estimated 234,000 and 291,000 annual wind tower bird deaths in the U.S., respectively.Nov 22, 2022”
@Buy Buy Buy wrong. Environmentalists blocking pipelines cause much bigger and frequent spills by train or truck. Environmentalists often have the opposite effect than what they intend. "Environmentalists" and greenie worshipers don't consider how the impact of the EV supply chain has a much larger impact than conventional energy.
Bill_Wallace profile picture
Putin says will cut production hence bump
If oil can’t rally off this news…..lower low coming imo
autofocus111 profile picture
@Invest5life What news? He's been saying that ever since talk of the cap arose.
@autofocus111 You have a huge supply issue and oil can't rally. If you cannot rally on "good" news, it usually means things are headed lower.
autofocus111 profile picture
@Invest5life Keystone is already resuming partial operation and TRP expects the line to return to full operation in a week or so (see post below by Energex). The market likely factored the spill news in as a short-term issue. WCS-WTI differential didn't move much either indicating same.
Its a good time to short Canadian energy junior plays like MEG, CPG, BTE, GEAR and such.
Cheese Head profile picture
@Leduc #1 It was a good time to short 6 months ago, now . . . meh.
With historically low inventories of oil and gas, and with historically low strategic reserve levels (after being decimated by Biden), mixed with a full-blown energy crises in Europe which will force Europeans to choose heat, electricity, light and survival over freezing to death and darkness, regardless of the rising prices, combined with the fact that China can't be on Covid lockdown forever, and must come back online in order to survive economically---put this all together and oil will be over $100 a barrel in 2023 and 2024---it is not only probable, but is inevitable!!! Well-run oil and gas companies will thrive in the medium and long term (short-term gyrations notwithstanding)----Long CPG, CVE., ROCC, CIVI, MPC, MGY, and EQT...
@Vaalue Biden was wrong to use the reserves and sell to gas companies at $80/95 and now we can refill this much lower? Really?
baystateve profile picture
@Vaalue I've been in Germany past few weeks and I don't see any energy crisis.If anything the price of diesel and gasoline has gone down.Not saying it won't get worse but I don't see it now.So either we're getting "fake news"information about the oil situation or who knows what is going on.Because if the supply and demand situation was as we're told the price(even with factoring in recession)should not have crashed as mush as it has in past weeks.
tbone1ct profile picture
@baystateve Your receiving incorrect info. storage tanks are full at least right now. GB and the EU have spent the summer filling their tanks. Now that OPEC will keep production where it is I expect supply to rise as production ramps up.
Oxbow11 profile picture
there has been pain in my life- but not nearly as much as I have felt this week- my wine store better be fully stocked and I may have to buy now pay later
PapaWhisky profile picture

To be fair … oil was at $75 when this article posted.

It’s a volatile commodity
@PapaWhisky Has it always been this volatile? We climbed over $100 in less than 2 years, and have now fallen over $50 in less than 1 year.
PapaWhisky profile picture
@shallow sand

it's doing some serious rock 'n' roll lately
Shamanski profile picture
Oil might magnet to the $70 SPR buy, then when it pops up to $100 Biden can dump 100 M barrels.
Joe is winning on oil despite Putin's war and the Saudi's working against him.
@Shamanski why should he do such a thing? his cronies know when stocks are about to rise and fall. just straight up buy calls and puts and get rid of the national debt
Oxbow11 profile picture
@Shamanski I wouldn't ever make an energy bull call on this administration- we need to Saudi's to say enough is enough
@Oxbow11 Are you kidding? Have you not seen the profits posted these last 2 years?
by 'surges' you mean its up 0.75% today? Baitclick.
Bill_Wallace profile picture
Crude is a buy @ $40
08 Dec. 2022
@Bill_Wallace Look at the price of XLE, it shows most people think current price is temporary.
Bill_Wallace profile picture
@YHZH No position right now, but positioning is only 15% bearish, which is understandable since it has fallen so much. But that doesn't mean it can't fall further. But the bulls are heavily positioned right now.
08 Dec. 2022
@Bill_Wallace Most people including investment funds think this way doesn't mean it's right. We'll see how it goes. From my perspective, I have position on XLE and think bottom is close.
When politicians, their regulatory minions, and 501c enviro-lawfare lawyers block pipeline permits for no good reason apart from "Greta said I should", you create opportunities for any maintenance glitch or hacker to cut off the flow of oil or gas and then prices increase.
@Found.Alpha this proves that Greta and the environmentalists were right. This is just another ecological disaster caused by big oil.
@Buy Buy Buy then stop driving and buying any products made or transported using petroleum

Everything is made and shipped using petroleum and there is no viable replacement

Greenies are mostly uninterested in reality
It’s already back to where it was. Another grid attack?
they need to update the heading of this article with crude down on the day
08 Dec. 2022
From 125 to 70, last 6 month was hard for oil bull.
baystateve profile picture
Another 3-5% down move day.
Oil is red on the day.
Some oil fields were discovered by crude seeping into creeks back in the old days.

Hope the feds do not shut this down forever and a day for "safety"

People have been "trained" by the media to have an irrational fear of oil, which is a natural substance that has seeped from the earth in many places.
RayLorrey profile picture
@65wildcat Natural is not non-toxic. I doubt you'd appreciate having a creek on your property flowing with oil. If you would, Fox can always use another media "trainer" for their masses.
G H profile picture

This particular crude oil is squeezed from heated sand under enormous pressure. There's nothing "natural" about it.
@rdjunke It was good for Jed. He loaded up the truck and they moved to Beverly Hills. Swimmin pools, movie stars.
Matthew Brown profile picture
not good
bill h illify profile picture
Actually, 20 miles south of Steele City, Nebraska is in Kansas.
@bill h illify
Steele City is right on the border. This says Kansas creek:
PapaWhisky profile picture

As I previously posted it's either the Ash Creek or the Mill Creek near Washington, Kansas
From a junction in Steele City the pipeline splits south and east to a hub in Patoka IL. I wonder if oil can continue flowing eastbound to supply refineries in the Midwest or the entire pipeline must be shut.

This legacy Keystone had leaks in the past, for instance in 2017 in South Dakota. I remember at that time reading somewhere that there was a design flow. About large weights that are placed on buried pipelines to keep the pipe down in areas of high water tables, flood plains, etc. It said that they used concrete slabs instead of small gravel which is less likely to damage the pipe.
Anyhow, TC Energy recently put this pipeline up for sale. Good luck.
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