The Wall Street Journal explains:
””The market’s focus on the OPEC meeting [on Nov. 30] has been temporarily disrupted, with prices supported by the continued outage of a pipeline from Canada to the U.S.,” said Ole Hansen, head of commodity strategy at SaxoBank. “That combined with the big draw report from the (American Petroleum Institute) data has resulted in WTI being the outperformer for a change,” he added.
TransCanada, the company which operates the Keystone pipeline told customers Tuesday that it will reduce oil deliveries via the supply line by 85% through the end of November, according to ING in a note. “The longer the disruption goes on for, the more supportive it will be for WTI, with reduced Canadian flows to the U.S.,” the note added.
That news followed data from the API’, late Tuesday, that showed a 6.4 million-barrel decrease in crude supplies for the week, an 869,000-barrel rise in gasoline stocks and a 1.7 million-barrel decline in distillate inventories, according to a market participant. That drop came partly thanks to lower imports and was “surprisingly pronounced,” Commerzbank analysts said in a note.“
Here is a 5 year look from barchart.com:
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