MURDER, POLITICS, AND THE END OF THE JAZZ AGE
by Michael Wolraich
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Hits of the Day
Oil Prices Surge as Key U.S. Artery Opens
By Donal on Wed, 11/16/2011 - 1:16pm |The much-anticipated break of oil prices above $100 a barrel kicked in Wednesday on news that Enbridge(ENB_) and Enterprise Products Partners(EPD_) have agreed to open a crucial US oil artery by mid-2012.
The move to reverse the Seaway pipeline by the end of the second quarter of 2012 will allow oil to flow more easily from the country's major storage hub in Cushing, Okla. to Gulf Coast refiners. As a result, prices will more accurately reflect global market price conditions and are soon expected to trade more closely with Louisiana Light Sweet Crude, which has for months been trading at the same or even higher prices than Brent. ...
"Brent, has been trading double digits to WTI as a result of the bottleneck," said WeatherBELL Analytics' energy analyst Alan Lammey. "Now that the end is in sight, WTI is collapsing into Brent -- moving higher. It is reflecting tighter global conditions for crude oil."
[As I noted here, many were puzzled that lighter, sweeter WTI had been trading ten to twenty bucks less than Brent. Wondering if reversing the Seaway pipeline is a result of stalling the Keystone XL pipeline.]
URL:
http://www.thestreet.com/story/11313208/1/oil-prices-surge-as-key-us-artery-opens.html
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Comments
It makes perfect sense, decrease supply and prices go up. Increase supply, and prices go ... up. Wait, what? I get the bit about prices equalizing somewhat, but shouldn't the overall price (as if there were such a thing) go down? In reading the article somewhat, it seems that supply is actually going down (thus explaining the higher prices), but what does that have to do with the Seaway pipeline (which won't open until 2012)? I'm just not getting it.
by Verified Atheist on Wed, 11/16/2011 - 2:35pm
There's a better explanation in the WSJ. Although oil was trumpeted as being fungible worldwide, a glut of crude arriving at the trading hub of Cushing OK has been pushing West Texas Intermediate prices lower than Brent. In 2006 they reversed a pipeline from sending Cushing crude to refineries to instead receive Syncrude from Canadian tar sands. That probably led to the glut. So in essence, this move just fixes that move.
by Donal on Wed, 11/16/2011 - 2:52pm