17 April 2012 15:07 [Source: ICIS news]
LONDON (ICIS)--The front-month NYMEX WTI May contract gained more than $1.00/bbl on Tuesday in reaction to plans to reverse the flow of crude oil via the Seaway pipeline in the ?xml:namespace>
By 13:05 GMT, the May WTI contract had hit an intra-day high of $105.07/bbl, a gain of $2.14/bbl compared with Monday's settlement. The contract then edged lower to trade around $104.85/bbl.
At the same time, the front-month June ICE Brent contract was trading around $118.80/bbl, having touched an intra-day high of $119.18/bbl, a gain of 50 cents compared with Monday's close.
On Monday, Enterprise Product Partners and Enbridge, the owners of the Seaway pipeline, announced plans to bring forward the reversal of the flow of oil away from Cushing to help relieve the glut of crude stockpiles in the US midwest region.
High volumes of crude oil are stored at Cushing and due to its landlocked geographical location, moving crude to other regions of the
A reversal of the oil flow will reduce stockpiles in Cushing and narrow the spread between WTI and Brent.
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