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Dec 14 (Reuters) - Canada's TC Energy Corp (TRP.TO) said it expects to give an update on the Keystone pipeline restart later on Wednesday, a week after the 622,000 barrel-per-day pipeline was shut after leaking oil into a creek in Kansas. Keystone is a crucial artery shipping Canadian crude south to U.S. refineries and traders have been awaiting news of when it may restart operations. Market players have speculated TC may first restart the leg of the pipeline that delivers to Patoka, Illinois, which did not leak. "We don't have a confirmation of a timeline and anticipate an update on re-start today," TC said in an email. The Mainline moves 3.1 million bpd of Canadian crude to refineries in the U.S. Midwest and eastern Canada.

☆ Oil prices rise amid forecasts of 2023 demand uptick
▼ + stars: | 2022-12-14 | by ( ) www.cnbc.com time to read: +2 min

Brent crude futures last rose $2.17, or 2.69%, to $82.85 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were up $2.08 at $77.46. Looking into 2023, OPEC said it expects oil demand to grow by 2.25 million barrels per day (bpd) over next year to 101.8 million bpd, with potential upside from China, the world's top importer. The IEA, seeing Chinese oil demand recovering next year after a 400,000 bpd contraction in 2022, raised its 2023 oil demand growth estimate to 1.7 million bpd for a total of 101.6 million bpd. Oil prices have been supported by a leak and outage of TC Energy Corp's Keystone Pipeline, which ships 620,000 barrels per day of Canadian crude to the United States. Sending bearish signals, U.S. crude oil stockpiles rose by more than 10 million barrels last week, the most since March 2021, buoyed by releases from the Strategic Petroleum Reserve and as refiners reduced activity.

Brent crude futures settled up $2.02, or 2.4%, to $82.70 per barrel, while U.S. West Texas Intermediate (WTI) crude futures settled up $1.94 to $77.28. Both contracts rose on a surge in diesel futures ahead of cold weather expected towards the end of the year. Sending bearish signals, U.S. crude oil stockpiles rose by more than 10 million barrels last week, the most since March 2021, buoyed by releases from the Strategic Petroleum Reserve and as refiners reduced activity. Looking into 2023, OPEC said it expects oil demand to grow by 2.25 million barrels per day (bpd) over next year to 101.8 million bpd, with potential upside from China, the world's top importer. The IEA, seeing Chinese oil demand recovering next year after a 400,000-bpd contraction in 2022, raised its 2023 oil demand growth estimate to 1.7 million bpd for a total of 101.6 million bpd.

☆ Oil steadies after falls as weak economy offsets supply risks
▼ + stars: | 2022-12-12 | by ( Dmitry Zhdannikov | ) www.reuters.com time to read: +2 min

China, the world's biggest crude oil importer, continued to loosen its strict zero-COVID policy, though streets in the capital Beijing remained quiet and many businesses stayed shut over the weekend. UBS said it believed Brent should recover to above $100 per barrel in the coming months amid supply constraints and rising demand while OPEC+ would keep supply tight. On Sunday, Canada's TC Energy (TRP.TO) said it had not yet determined the cause of the Keystone oil pipeline leak last week in the United States. "The emergent EU embargo on Russian crude... may add moderate upside energy price risks in the next few months. But supply uncertainty should ease by spring 2023, after the embargo on oil products (on Feb.5) plays out," Deutsche Bank said in a note.

☆ TSX futures tepid with focus on key cenbank decisions
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +2 min

Dec 12 (Reuters) - Futures for Canada's main stock index were flat on Monday, with investors on the sidelines as they brace for a week of key interest rate decisions from major central banks, including the U.S. Federal Reserve. The latest U.S. inflation reading will be the final pit-stop before the Fed's interest rate decision on Wednesday, where the central bank is expected to deliver a half-percentage-point rate hike. The European Central Bank and the Bank of England are also expected to raise rates by 50 basis points this week. Markets are now gripped with concerns that interest rates would stay higher for longer, possibly tipping the economy into a recession. ($1 = 1.3660 Canadian dollars)Reporting by Shashwat Chauhan in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Brent crude futures were down 38 cents, or 0.4%, at $75.72 a barrel by 0900 GMT. China, the world's biggest crude oil importer, continued to loosen its strict zero-COVID policy, though streets in the capital Beijing remained quiet and many businesses stayed shut over the weekend. UBS said it believed Brent should recover to above $100 per barrel in the coming months amid supply constraints and rising demand while OPEC+ would keep supply tight. On Sunday, Canada's TC Energy (TRP.TO) said it had not yet determined the cause of the Keystone oil pipeline leak last week in the United States. "The emergent EU embargo on Russian crude... may add moderate upside energy price risks in the next few months.

☆ Oil edges up on U.S. pipeline restart uncertainty, Russian supplies
▼ + stars: | 2022-12-12 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

"Oil prices are higher as the Keystone pipeline remains shut, China's COVID controls ease and on concerns that Russia could reduce output," said Edward Moya, a senior market analyst for OANDA. On Sunday, Canada's TC Energy (TRP.TO) said it had not yet determined the cause of the Keystone oil pipeline leak last week in the United States. Putin said on Friday that Russia, the world's biggest exporter of energy, could cut production and would refuse to sell oil to any country that imposes a "stupid" price cap on Russian exports agreed by G7 nations. While the uncertainty surrounding European Union sanctions on Russian oil and the related price cap kept volatility high on prices, the sanctions have had a limited impact on global markets so far, ANZ analysts said in a note. Saudi Arabia's energy minister also said on Sunday that the impact of the European sanctions and price cap measures had had no clear results yet, and that its implementation was still unclear.

The operator of the Keystone Pipeline System, which carries a form of crude oil from Canada to multiple states for refining, said over the weekend that its largest-yet breach has been contained for now. TC Energy, the Canadian parent of day-to-day pipeline operator TC Oil, said in a statement Saturday that the spill was no longer moving downstream. It mobilized 250 crews to handle cleanup and has deployed booms and vacuum trucks to stop the oil, the company said. The failure along a 96-mile segment in parts of Washington County, Kansas, Clay County, Kansas and Jefferson County, Nebraska, brings renewed concern over pipeline safety following the demise of the contentious Keystone XL pipeline project. Mayberry wants TC Oil to determine the root cause of the breach and name decision-makers who might have contributed to the spill, according to the letter dated Thursday.

"Oil prices are higher as the Keystone pipeline remains shut, China's COVID controls ease and on concerns that Russia could reduce output," said Edward Moya, a senior market analyst for OANDA. On Sunday, Canada's TC Energy (TRP.TO) said it has not yet determined the cause of the Keystone oil pipeline leak last week in the United States, while also not giving a timeline as to when the pipeline will resume operations. While the uncertainty surrounding European Union sanctions on Russian oil and the related price cap kept volatility high on prices, the sanctions have had a limited impact on global markets so far, ANZ analysts said in a note. In the U.S., Treasury Secretary Janet Yellen forecast a substantial reduction in U.S. inflation in 2023, barring an unexpected shock. Reporting by Florence Tan and Emily Chow; Editing by Kenneth Maxwell and Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices climb on uncertainty over Keystone pipeline restart, Russian supplies
▼ + stars: | 2022-12-12 | by ( Florence Tan | ) www.reuters.com time to read: +1 min

Companies TC Energy Corp FollowSINGAPORE, Dec 12 (Reuters) - Oil prices rose more than 1% in early Asian trade on Monday as a key Canada-United States crude pipeline stayed shut while Russian President Vladimir Putin threatened to cut production in retaliation against a Western price cap on Russian oil exports. Brent crude futures climbed 83 cents, or 1.1%, to $76.93 a barrel by 0020 GMT. On Sunday, Canada's TC Energy (TRP.TO) said it has not yet determined the cause of the Keystone oil pipeline leak last week in the United States, while also not giving a timeline as to when the pipeline will resume operations. Meanwhile Russia's Putin said on Friday that his country, the world's biggest exporter of energy, could cut oil production and will refuse to sell oil to any country that imposes a "stupid" price cap on Russian agreed by G7 nations. While the uncertainty surrounding European Union sanctions on Russian oil and the related price cap kept volatility high on prices, the sanctions had limited impact on global markets so far, ANZ analysts said in a note.

TC Energy shut the pipeline after the spill was discovered late last Wednesday. The 622,000 barrel-per-day Keystone line ships heavy Canadian crude from Alberta to refiners in the U.S. Midwest and the Gulf Coast. Prices for sour crude grades in the U.S. Gulf of Mexico were strengthening on Monday, as the shutdown means more demand for heavier Gulf barrels. TC Energy said on Sunday that it has more than 250 people working on the leak, including third-party environmental specialists. The U.S. Environmental Protection Agency and pipeline regulator the Pipeline and Hazardous Materials Safety Administration (PHMSA) are also on the scene.

☆ Oil up $2 a barrel on supply risks amid ongoing Keystone outage
▼ + stars: | 2022-12-12 | by ( ) www.cnbc.com time to read: +3 min

U.S. West Texas Intermediate crude settled at $73.17 a barrel, rising $2.15, or 3%. The potential of a prolonged outage of TC Energy Corp's Canada-to-U.S. Keystone crude oil pipeline helped turn prices around. Traders worried about how long it would take to clean up and restart the Keystone oil pipeline after more than 14,000 barrels of oil leaked last week, the largest U.S. crude oil spill in nearly a decade. The outage is expected to shrink supplies at the Cushing, Oklahoma storage hub, and delivery point for benchmark U.S. crude oil futures. "The emergent EU embargo on Russian crude... may add moderate upside energy price risks in the next few months.

☆ TC Energy says has not found cause of Keystone oil pipeline leak
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: +1 min

Dec 11 (Reuters) - Canada's TC Energy (TRP.TO) said on Sunday it has not yet determined the cause of the Keystone oil pipeline leak last week in the United States, while also not giving a timeline as to when the pipeline will resume operation. TC shut the pipeline after more than 14,000 barrels of crude oil spilled into a creek in Kansas on Wednesday, making it one of the largest U.S. crude spills in nearly a decade. Crews are also preparing for rain forecast to begin on Monday, TC said. The 622,000 barrel-per-day Keystone line is a critical artery shipping heavy Canadian crude from Alberta to refiners in the U.S. Midwest and the Gulf Coast. Reporting by Juby Babu in Bengaluru Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

WASHINGTON, Kansas, Dec 9 (Reuters) - Emergency crews on Friday were preparing to labor through the weekend to clean up the largest U.S. crude oil spill in nearly a decade, with workers descending on this farming community from as far away as Mississippi. This is the third spill of several thousand barrels of crude on the pipeline since it opened in 2010. U.S. regulator Pipeline and Hazardous Materials Administration said the company shut the pipeline seven minutes after receiving a leak detection alarm. Workers quickly set up a containment area to restrict oil that had spilled into a creek from flowing downstream. Even once the pipeline starts operating again, the affected area will have to flow at reduced rates pending PHMSA approval.

"We could smell it first thing in the morning; it was bad," said Washington resident Dana Cecrle, 56. It was the third spill of several thousand barrels of crude on the 2,687-mile (4,324-km) pipeline since it opened in 2010. A previous Keystone spill had caused the pipeline to remain shut for about two weeks. The spill has not threatened the water supply or forced residents to evacuate, Washington County Emergency Management Coordinator Randy Hubbard told Reuters. Workers quickly set up a containment area to restrict oil that had spilled into a creek from flowing downstream.

Dec 9 (Reuters) - The effort to remove oil from the largest crude spill in the United States in nearly a decade will extend into next week, the U.S. Environmental Protection Agency said on Friday, making it likely that the Keystone pipeline shutdown will last for several more days. TC Energy (TRP.TO) shut the largest oil pipeline to the United States from Canada on Wednesday after it leaked 14,000 barrels of oil into a Kansas creek. This is the third spill of several thousand barrels of crude on the pipeline since it first opened in 2010. A previous Keystone spill had caused the pipeline to remain shut for about two weeks. The oil spill has not threatened the local water supply or forced local residents to evacuate, Washington County Emergency Management Coordinator Randy Hubbard told Reuters.

☆ TSX posts biggest weekly decline since September as oil tumbles
▼ + stars: | 2022-12-09 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

[1/2] The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 22.12 points, or 0.1%, at 19,947.07, its lowest closing level since Nov. 17. For the week, the index was down 2.6%, its biggest weekly decline since September. The Toronto market's energy sector fell 0.7% as U.S. crude oil futures settled 0.6% lower at $71.02 a barrel. Reporting by Fergal Smith; Additional reporting by Shashwat Chauhan in Bengaluru Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Major oil pipeline outage to hit U.S. stockpiles, refinery supplies
▼ + stars: | 2022-12-09 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

HOUSTON, Dec 9 (Reuters) - An outage on the largest oil pipeline to the United States from Canada could affect inventories at a key U.S. storage hub and cut crude supplies to two oil refining centers, analysts and traders said on Friday. TC Energy's (TRP.TO) Keystone pipeline ferries about 600,000 barrels of Canadian crude per day (bpd) to the United States. Other pipelines between Canada and the United States are at or near capacity, East Daley and data analytics firm Wood Mackenzie estimates. Gulf Coast refiners, which could suffer shortages of heavy Canadian crude, can draw on supplies from offshore Louisiana facilities and from Colombia, Mexico and Ecuador. U.S. physical crude oil grade prices were mixed on Thursday and O'Donnell at East Daley said he expects volatility to continue as long as Keystone remained offline.

☆ Oil bounces near Dec 2021 lows after Keystone pipeline shutdown
▼ + stars: | 2022-12-09 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, Dec 9 (Reuters) - Oil prices bounced on Friday as closure of a major Canada-to-U.S. crude pipeline disrupted supplies, but prices remained near December 2021 lows on concerns over slowing global demand growth. Brent crude futures were at $76.74 a barrel, up 59 cents, or 0.8%, at 0115 GMT after dropping 1.3% on Thursday. More than 14,000 barrels of crude oil spilled into a creek in Kansas, making it one of the largest crude spills in the United States in nearly a decade. The news appears "to be only short-term negative for supplies but doesn't change anything with the deteriorating crude demand outlook", OANDA analyst Edward Moya said in a note. Oil prices are set to post their biggest weekly drop in months, since traders expect it will be months before the benefits of China easing COVID controls feeds through to demand.

Dec 9 (Reuters) - TC Energy (TRP.TO) said on Friday it is evaluating plans to return its Keystone pipeline to service after it leaked 14,000 barrels of oil into a Kansas creek, the largest crude spill in the United States in nearly a decade. TC Energy was expected to restart flows on the segment of the pipeline extending to Patoka, Illinois, Bloomberg News reported earlier, citing sources. This is the third spill of several thousand barrels of crude on the pipeline since it first opened in 2010. TC Energy remained on site with around 100 workers leading the clean-up and containment efforts, and the EPA was providing oversight and monitoring, Ashford said. The oil spill has not threatened the local water supply or forced local residents to evacuate, Washington County Emergency Management Coordinator Randy Hubbard told Reuters.

☆ Oil Spill in Kansas Prompts Shutdown of Keystone Pipeline System
▼ + stars: | 2022-12-09 | by ( Derrick Bryson Taylor | ) www.nytimes.com time to read: +1 min

The Keystone pipeline system was shut down Wednesday night after its operator, TC Energy, said it had detected an oil spill in northern Kansas. An estimated 14,000 barrels of oil spilled into a creek in Washington County, Kan., south of the Nebraska border, TC Energy said in a statement on Thursday. Washington County has a population of about 5,500, according to government data. The Washington County Emergency Management Office said on Facebook on Thursday that residents in and around the county had reported waking up to the smell of gas. TC Energy said that the “affected segment” of the pipeline “has been isolated and we have contained downstream migration of the release.” The company said that crews were responding to the spill and were working to contain and recover the oil.

☆ Keystone oil spill could tighten U.S. Gulf crude stocks
▼ + stars: | 2022-12-09 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

The Keystone line is a key artery bringing more than 600,000 barrels of Canadian crude per day (bpd) to various parts of the United States. It was shut late Wednesday after leaking more than 14,000 barrels of oil into a creek in Kansas, making it the largest crude spill in the United States in nearly a decade. While TC Energy is yet to give details on when it will restart the pipeline, a previous Keystone spill had caused the pipeline to remain shut for about two weeks. The spill in Kansas took place downstream from a key junction in Steele City, Nebraska, where Keystone splits to run into Illinois. By contrast, Gulf Coast refiners can draw on more sources for crude, both from offshore Louisiana facilities and from countries like Colombia, Mexico and Ecuador.

This week's spill of 14,000 barrels in Kansas is sure to raise alarms over future pipeline development, as U.S. regulators had already increased scrutiny of pipeline construction due to previous Keystone spills in 2017 and 2019. The pipeline suffered few incidents in its early years, but since 2017, the number of spills increased after TC Energy received a special permit from the U.S. "I think a lot of scrutiny is going to be placed on the special permit," said Jane Kleeb, founder of Bold Alliance, an advocacy group that fought Keystone XL. John Stoody, vice-president of government relations at the Liquid Energy Pipeline Association said special permits come with numerous different operating conditions. "If anything there are complaints from industry about how lengthy the special permit process is.

☆ Morning Bid: Factory gates
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +4 min

Wherever you think inflation is coming from, it's not China - not yet at least. China's producer prices fell 1.3% over the past year and consumer price inflation fell to just 1.6% in November - its slowest pace in eight months. With the critical U.S. consumer price inflation due on Tuesday, just before the Federal Reserve delivers its final interest rate rise of the year the following day, today's readout is expected to show annual U.S. producer price inflation dropping to 7.2% from 8.0% in October. Canada's TC Energy shut its Keystone pipeline in the United States after more than 14,000 barrels of crude oil spilled into a creek in Kansas, making it one of the largest crude spills in the United States in nearly a decade. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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