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Sep 15, 2010

Enbridge fixes oil pipeline

NEW YORK (Reuters) – Enbridge Inc has completed repairs on its giant 6A pipeline after a leak forced it to shut down nearly a week ago, but neither the company nor U.S. regulators could say on Wednesday when shipments would resume.

While an Enbridge official confirmed that the Calgary-based firm would not need to file a formal restart plan before restarting the line, potentially avoiding a lengthy delay, U.S. pipeline regulators also said they wouldn’t allow it to restart until Enbridge had met “all safety requirements necessary.”

Sep 15, 2010

Enbridge fixes pipeline ahead of restart; oil falls

NEW YORK, Sept 15 (Reuters) – Enbridge Inc (ENB.TO: Quote, Profile, Research, Stock Buzz) said on
Wednesday that it has completed repairs on a leaky stretch of
its 670,000 barrel-per-day 6A pipeline in Illinois and awaits
permission to restart the line that supplies up to a third of
Canada’s crude shipments to the United States.

Oil prices CLc1 fell almost 2 percent early Wednesday as
traders bet that the line, which supplies about 5 percent of
U.S. crude imports, could be allowed to resume shipments as
early as this week.

Sep 14, 2010

Enbridge set to fix pipeline Tues; oil prices fall

DALLAS/NEW YORK, Sept 14 (Reuters) – Enbridge (ENB.TO: Quote, Profile, Research, Stock Buzz) was
set to complete repairs on its major 6A oil pipeline on Tuesday
and said it may not need to give regulators a formal plan
before resuming operations, easing fears of a prolonged outage
just six days after a leak stopped flow of Canadian crude.

While neither Enbridge nor the government has said when the
670,000 barrel per day (bpd) oil pipeline that normally
supplies some 5 percent of total U.S imports might resume, oil
prices CLc1 reversed gains at midday to fall nearly $1 a
barrel, on expectations of a quick restart.

Sep 13, 2010

Enbridge shuts 3rd pipeline, outages near 1 million bpd

NEW YORK (Reuters) – Canada’s Enbridge on Monday said a suspected oil leak forced it to close another U.S. pipeline that carries Canadian crude, this time in New York State, just four days after a leak in Illinois forced it to shut a massive export pipeline.

The Canadian pipeline giant said it shut the 70,000 barrel per day (bpd) Line 10, a 91-mile pipe from Westover, Ontario, Canada into New York State.

Sep 10, 2010

Oil still gushing from shut-down Canada-U.S. pipeline

HOUSTON/NEW YORK (Reuters) – Enbridge Inc’s 6A pipeline, the biggest of three key arteries that deliver most of Canada’s crude oil exports to the United States, is still leaking oil in Illinois more than 24 hours after the spill that forced its closure was reported.

The incident comes less than two months after a smaller line on a different branch of the same Lakehead pipeline system was shut for spilling nearly 20,000 barrels in Michigan. Enbridge has still not been allowed to restart that line.

Sep 7, 2010

Mexican refinery blast may help U.S. fuel exporters

NEW YORK (Reuters) – The explosion of a hydroprocessing unit at the northern Mexican Cadereyta refinery may bring export opportunities for U.S. refiners along the Gulf Coast and boost U.S. refined products prices, requiring Mexico to import more light fuels such as gasoline or diesel after the blast.

The gasoil hydrotreater unit at Pemex’s 275,000 barrel-per-day Cadereyta refinery was rocked by an explosion early Tuesday and has been shut down, Pemex said. There was one death reported and two workers suffering from serious injuries, officials said.

Aug 19, 2010

Analysis: Swollen U.S. crude stockpiles mask global drawdown

NEW YORK (Reuters) – U.S. oil inventories are at their highest levels in at least 20 years, but a sharp reduction in crude stocks held on tankers at sea shows global supplies have been tightening — a more bullish picture which should send prices higher.

Following Wednesday’s release of government figures showing U.S. crude and oil product stocks at historic highs, benchmark U.S. oil futures slid to a six-week low of $73.83, 11 percent off their summertime high near $83 in early August.

Aug 19, 2010

Swollen US crude stockpiles mask global drawdown

19 (Reuters) – U.S. oil inventories are at
their highest levels in at least 20 years, but a sharp
reduction in crude stocks held on tankers at sea shows global
supplies have been tightening — a more bullish picture which
should send prices higher.

Following Wednesday’s release of government figures showing
U.S. crude and oil product stocks at historic highs, benchmark
U.S. oil futures slid to a six-week low of $73.83, 11 percent
off their summertime high near $83 in early August.

Aug 17, 2010

Oil rises on U.S. earnings, industry expansion

NEW YORK (Reuters) – Oil rose on Tuesday, snapping a five-day decline, as expanding U.S. corporate earnings and industrial production eased worries about the economy and a weaker dollar made commodities cheaper for holders of other currencies.

U.S. crude for September delivery rose 53 cents to settle at $75.77 a barrel, after hitting a one-month low of $74.86 during Monday trade.

Aug 17, 2010

Oil rises above $76 a barrel, snapping losing streak

NEW YORK, Aug 17 (Reuters) – Oil rose above $76 a barrel on
Tuesday, snapping five days of declines as stronger U.S.
corporate earnings eased worries about the economy and a weaker
dollar made commodities cheaper for holders of other
currencies.

U.S. crude for September delivery CLc1 rose $1.00 a
barrel to $76.24 a barrel by 1:05 p.m. EDT (1705 GMT),
recovering from a one-month low of $74.86 on Monday.