Business

TC Energy declares force majeure on Keystone pipeline (NYSE:TRP)

Three pipes reflecting the blue sky

zorazhuang / iStock via Getty Images

TC Energy (NYSE:TRP) force majeure declaration on its Keystone crude pipeline system on Monday, sending Canadian oil shipments to US refineries into turmoil.

According to Bloomberg, a notice sent to shippers said: Pipeline The system has been interrupted due to a power outage at a South Dakota pumping station where temperatures hit 100 degrees Fahrenheit. Monday.

TC Energy (TRP) says the outage is under investigation, but it’s not yet known when full service will be restored.

Force majeure prompted traders and refiners to raise prices for Canadian heavy crude Cold Lake, narrowing the August delivery discount on benchmark futures by more than 8% to 8 percent. US dollars/barrel.

Cold Lake crude is favored by several refineries in Texas and Louisiana that are equipped to turn it into gasoline, diesel and other products.

The Keystone Pipeline runs from Alberta to North Dakota, through South Dakota to Steele City, Nebraska, where it splits, with one branch running east through Missouri for delivery to Illinois and the other running south through Oklahoma to Cushing then the Texas Gulf Coast. .

TC Energy (TRP) “has remarkably consistent cash flow regardless of macroeconomic conditions, which gives it a utility-like quality,” Power Hedge wrote in a note. recently published analysis on Seeking Alpha.

Source link

news7h

News7h: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button