Oil in New York climbed above $100 a barrel to a five-month high as Enbridge Inc. said it will reverse the direction of the Seaway pipeline, adding an outlet for crude from the central U.S. and Canada.
Futures rose as much as 3.1 percent after Enbridge agreed to acquire ConocoPhillips (COP)’s share of the pipeline that runs between Cushing, Oklahoma, and the Gulf Coast and announced the reversal. The change may alleviate a bottleneck at the Cushing storage hub that has lowered the price of West Texas Intermediate, the grade traded in New York, against other oils.
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2 comments:
Obama is loving the American people suffering b/c of this.
haha same reason I shorted oil last night. Up 8% in a day. Unless we get more QE or euro printing, there is no economic reason why we've gone up like a rocket since the October lows.
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