The weather issues that prompted TC Energy to declare force majeure on Keystone oil pipeline deliveries this week have been resolved, the company said on Nov. 16.
Calgary-based TC said on Nov. 15 it was curtailing volumes on the 622,000-bbl/d pipeline due to severe weather-related impacts. The company did not specify the size or duration of the cut in volumes, but market players estimated it at about 7%.
"The weather-related utility impacts to the Keystone facilities, which resulted in a temporary volume curtailment, have been resolved and the system is currently operating under normal conditions," TC said in a statement on Nov. 16 evening.
The pipeline was hit by three separate storms between Nov. 4 and Nov. 11 that caused power failures at two pump stations on the U.S. part of the system and at the Patoka, Ill., delivery station, causing the pipeline to temporarily shut down, one market source said.
Keystone ships crude from Alberta's oil sands to the U.S. Midwest and on to the Gulf Coast and is a key part of Canada's oil export network.
Western Canadian crude is trading at a discount of about $29 under the U.S. benchmark WTI, due to weak refining demand and months of U.S. strategic reserve releases that have added to competition for heavy Canadian oil.
Recommended Reading
TotalEnergies Pauses Business with Adani, Says it was Not Aware of US Investigation
2024-11-25 - French oil major TotalEnergies SE was not informed of a U.S. investigation into possible bribery and corruption at Adani Green Energy Ltd., it said on Nov. 25, adding it will stop financial contributions to its Adani Group investments following last week's indictment.
Venezuela Lost Citgo, But the Battle’s Not Over Yet
2024-10-04 - Amber Energy’s $7.3 billion purchase of Citgo fell well short of analyst’s valuations. PDVSA Ad Hoc expects to appeal the decision soon in its battle to protect its claim on Citgo.
Quantum Teams Looking for Acquisitions ‘Off the Beaten Path’
2024-10-14 - Blake Webster, partner at Quantum Capital Group, said the private-equity firm’s portfolio teams are looking to buy from sellers looking for cash buyouts, though not necessarily in the usual places.
Hollub: Oxy Low Carbon Ventures Bolsters US Energy Independence
2024-11-18 - Occidental Petroleum is making a number of low-carbon moves in the Permian—a maneuver that will bolster the U.S.' energy independence, CEO Vicki Hollub told Hart Energy in an exclusive interview.
Report: Colonial Pipeline Considering $10B Sale
2024-10-29 - Colonial owns a 5,500-mile pipeline network which carries more than 100,000 gallons of fuel to an area stretching from Houston to New Jersey.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.