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Keystone Pipeline Spill Sends Oil Prices Greater

The prospect of a prolonged clear-up from a leak alongside a big oil pipeline sent US crude costs increased on Wednesday, as traders braced natural gas radiant heater for lower supplies from Canada.

The Keystone pipeline, which runs south from the Alberta oil sands to American refineries, spilled about 5,000 barrels in South Dakota last week, owner TransCanada said. The incident took place four days earlier than TransCanada gained a vital permit to build another pipeline south from the oil sands referred to as Keystone XL.

The line remained closed on Wednesday as company workers and federal pipeline safety officials worked on the spill site. A supervisor with the South Dakota Division of Environment and Natural Resources told Reuters that the clear-up will take a number of weeks, suggesting that flows on the 590,000 barrels-per-day artery will continue to be curtailed.

“With no timeline for restart, expect roughly 4m barrels per week of Canadian imports to be backed out,” TAC Power, a gas wholesaler, said in a notice to clients.

The news pushed the worth of West Texas Intermediate, the US oil benchmark, to a 28-month high of $fifty eight.09 a barrel, up 2.2 per cent on the Petroleum day. The worth of WTI for immediate delivery also rose in comparison to contracts for future delivery, suggesting traders were scrambling to obtain quick provides.

The discount of WTI to Brent, the worldwide oil benchmark, also narrowed. Brent was up 1 per cent to $sixty three.19 a barrel.

Weekly US oil knowledge launched on Wednesday had yet to show the consequences of the spill, with imports from Canada registering a wholesome pace of three.3m barrels a day last week, in line with the Energy Information Administration. Crude stocks at Cushing, Oklahoma — a stop alongside Keystone and delivery level for Nymex WTI futures — fell by 1.8m barrels to sixty one.2m final week, the information showed.