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Dec 12, 2022LOGISTICSUS

Oil up $2/bbl on supply risks amid ongoing Keystone outage

Oil prices rose about $2 a barrel on supply concerns linked to an ongoing outage on the Keystone pipeline. The article reports the move without a full account of volumes affected.

WHY IT MATTERS

A pipeline outage that constrains Canadian crude delivery to the US can lift US crude prices, adding to diesel and freight costs for feed supply chains.

AFFECTSCrude Oil (WTI)▲

SOURCE
reuters.comLaila KearneyDec 12, 2022

Price reaction & history

Crude Oil (WTI)▲bullishSO FAR1d +2.8%5d +4.5%20d +5.7%

After 26 past bullish logistics events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (58% higher; middle half -5.1% to +9.5%), and +2.0% over 20.

Nov 28, 2018Oil prices rise over 1% on outage in North Sea, expected OPEC supply cuts+3.6%
Dec 11, 2017Brent crude oil hits 2½-year high on Forties pipeline outage+0.1%
Mar 29, 2022CPC pipeline outage forces Kazakhstan to cut oil output by a fifth | Reuters-3.5%
Mar 23, 2022Oil jumps 5% as Caspian pipeline disruption adds to supply fears | Reuters-6.3%
Mar 24, 2021Oil gains more than $3/bbl after Suez Canal ship grounding+4.8%

Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.

Crude Oil (WTI) WTI · GP ▸

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