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- WTI is up 51c to $57.37/Bbl, and Brent is up 56c to $62.74/Bbl
- TC Energy restarted the 590 MBbl/d Keystone crude pipeline from western Canada to the US Midcontinent after a leak of more than 9 MBbl caused a shutdown (Argus)
- The Keystone system includes more than 2,600 miles of pipelines delivering crude to key hubs including Patoka, Cushing, and the US Gulf Coast
- The shutdown caused a drop in Western Canadian Select (WCS)
- OPEC and its allies will probably extend supply cuts when the group meets in Vienna next month, according to Oman’s oil minister Mohammed bin Hamad al-Rumhy
- Al-Rumhy went on to say that keeping supply cuts the same are a more likely outcome than the cuts being deepened
- AEGIS notes that in-order to help balance the market, OPEC will almost certainly need to cut production next year
- This sentiment also exist among many Wall street banks like Morgan Stanley, Citigroup, and BNP Paribas SA (Bloomberg)
- Natural gas is up 1.6c to $2.653/MMBtu
- While short lived, the arctic blast sweeping through the eastern part of the country could set temperature records for this time of year in many cities such as New York
- Spot prices in Northeastern markets are topping $4.00/MMBtu in many pricing areas
- The cold weather could also continue to drive propane demand in the Midwest, Conway area, as there remains a continued need to heat barns and defrost crops (Reuters)
- Natural gas imports from Canada hit 6.5 Bcf, an increase of 1.2 Bcf from yesterday (PointLogic)
- Flows suggest that the biggest increases in demand are coming from the Northeast and Midcontinent regions
- Basis prices rise in order to attract natural gas to a particular region, hence the recent change in the Northeast and Midwest from net exporter to importer
