Futures Market News
Flow of crude pipeline stronger than believed
Jan 19, 2011 11:41 AM
The operator of the pipeline that transports more than one-tenth of crude oil produced in the U.S. said the supply of oil has grown stronger than anticipated, Bloomberg reports.
Alyeska Pipeline Service said 525,000 barrels were flowing through the system daily as of noon on Tuesday, an amount significantly larger than the 510,000 barrels-per-day rate originally targeted by the pipeline services firm..
"Oil continues to move smoothly through the pipeline," Alyeska said in a statement released with state regulators.
The pipeline resumed transporting oil on Monday after working around a leak. Repairs included the installation of a bypass.
Crude futures last week increased 4 percent, representing the largest rise in six weeks. The pump-station leak forced the 800-mile line to cease operations on January 8, which impacted oil companies and forced them to slash supplies to the U.S., which is the world's largest consumer of oil. The pipeline carries 11 percent of crude produced in the U.S.
Shortly after noon on Wednesday, Brent crude oil futures increased 0.45 cents, a 4.6 percent climb to $98.25 per barrel.
Don’t Miss Our News Updates!
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: Free eBook — Gold Exposed: Spot Gold versus Gold Futures
Are you interested in trading gold futures but unsure of how to start?
Register for our FREE guide, and learn the ins and outs of the gold markets that will help answer many of your trading questions.
Special Offer
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.






