January 30, 2023

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Sudden rise in oil prices after the emergency shutdown of the E24 pipeline

Sudden rise in oil prices after the emergency shutdown of the E24 pipeline

After the closure of an oil pipeline in Nebraska, North Sea oil prices rose Thursday afternoon.

The Keystone pipeline sends Canadian crude oil from Alberta to the American Midwest and to the Gulf Coast, and is a key part of Canada’s oil export network.
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Canadian company TC Energy said Thursday that it has shut down the Keystone pipeline, with a capacity of 622,000 barrels of oil per day, due to an oil spill in a creek 32 kilometers south of Steel City, Nebraska. Reuters writes.

The emergency was triggered at around 1pm Norwegian time on Wednesday, after alarms and a pressure drop in the system, the company says in a statement. press release.

At 14:00 on Thursday, the price of a barrel of North Sea oil, also known as Brent, was $78.90 in the spot market – thus up 2.17 percent since midnight.

The spot price of Crude Oil Burned is a central reference price for oil, especially in Europe.

At the same time, the price of a barrel of US light oil reached $74.7 and increased by 3.4 percent since midnight.

TC Energy could not immediately comment on the size of the leak. The Keystone pipeline sends Canadian crude oil from Alberta to the American Midwest and to the Gulf Coast, and is a key part of Canada’s oil export network.

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