By Nia Williams and Arathy Somasekhar
Emergency crews work to clean up the largest U.S. crude oil spill in nearly a decade, following the leak at the Keystone pipeline operated by TC Energy in rural Washington County, Kansas, U.S., December 9, 2022. REUTERS/Drone Base/File Photo
3 minute readDecember 13, 20222:03 PM GMT+8Last Updated 40 min ago
Explainer: What is the oil storage situation in Canada and U.S. after Keystone spill?
By Nia Williams and Arathy Somasekhar
Investigators, cleanup crews begin scouring oil pipeline spill in Kansas
Emergency crews work to clean up the largest U.S. crude oil spill in nearly a decade, following the leak at the Keystone pipeline operated by TC Energy in rural Washington County, Kansas, U.S., December 9, 2022. REUTERS/Drone Base/File Photo
Companies
TC Energy Corp
Dec 13 (Reuters) - Five days after TC Energy's (TRP.TO) Keystone pipeline shut down following a 14,000-barrel spill into a Kansas creek, traders are questioning whether there is enough oil in storage in key locales if the pipeline remains shut for a number of weeks.
Here is the latest data on storage inventories, and other factors affecting cash prices in Canada and the United States:
WESTERN CANADIAN INVENTORIES
As of the week ending Dec. 2, Canadian inventories were just below 29 million barrels, according to energy consultancy Wood Mackenzie's most recent data, with about 16 billion barrels of spare capacity available.
3 minute readDecember 13, 20222:03 PM GMT+8Last Updated 40 min ago
Explainer: What is the oil storage situation in Canada and U.S. after Keystone spill?
By Nia Williams and Arathy Somasekhar
Investigators, cleanup crews begin scouring oil pipeline spill in Kansas
Emergency crews work to clean up the largest U.S. crude oil spill in nearly a decade, following the leak at the Keystone pipeline operated by TC Energy in rural Washington County, Kansas, U.S., December 9, 2022. REUTERS/Drone Base/File Photo
Companies
TC Energy Corp
Dec 13 (Reuters) - Five days after TC Energy's (TRP.TO) Keystone pipeline shut down following a 14,000-barrel spill into a Kansas creek, traders are questioning whether there is enough oil in storage in key locales if the pipeline remains shut for a number of weeks.
Here is the latest data on storage inventories, and other factors affecting cash prices in Canada and the United States:
WESTERN CANADIAN INVENTORIES
As of the week ending Dec. 2, Canadian inventories were just below 29 million barrels, according to energy consultancy Wood Mackenzie's most recent data, with about 16 billion barrels of spare capacity available.
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Following a previous Keystone leak in 2019, which triggered a 13-day shutdown, inventories climbed by 13.6 million barrels over five weeks. The spare capacity on hand this time suggests Canadian storage hubs have ample space for any barrels stranded in Alberta.
Canadian crude prices remain broadly steady. The discount on Western Canada Select (WCS) heavy blend crude fell to $33.50 a barrel below U.S. crude the day the leak was reported, before recovering. It currently trades at a discount of around $28 a barrel, only slightly wider than before the leak.
Wood Mackenzie will release Canadian inventory data for the week ending Dec. 9 later on Tuesday.
U.S. GULF INVENTORIES
Crude oil stocks at the Gulf Coast stood at about 226.5 million barrels, lowest in more than eight months, according to data from U.S. Energy Information Administration. Weekly Gulf Coast gross input into refineries stood at 9.4 million barrels per day. However, analysts were not worried about inventory.
