Blog

PT Solid Gold Berjangka | Oil Advances After Canada-US Keystone Pipeline Briefly Halts

01:50 08 March in Commodity, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP
1

Minyak WTIMinyak jenis Brent SOLID GOLD, SOLID GOLD BERJANGKA, PT SGB, SG BERJANGKA,SOLID GROUP

Solid Gold Berjangka | Here’s a summary:

Oil Prices Rise After Keystone Pipeline Briefly Suspended

  • Key Incident: Services were briefly suspended at the Keystone pipeline, a crucial conduit carrying Canadian crude to the US.
  • Price Movement:
    • Brent futures climbed above $83 a barrel, rising after ending unchanged the previous day.
    • West Texas Intermediate (WTI) gained up to 0.8%, reaching over $79.
  • Operator Statement: TC Energy Corp., the operator of Keystone, confirmed the pipeline’s integrity and stated that the suspension was a precautionary measure. They clarified that no crude was released during this time.
  • Market Context:
    • Oil has been trading within a tight band this year.
    • This week’s trading has been less volatile, with prices in their narrowest range since September 2021.
    • Factors balancing the market include OPEC+ production cutbacks, rising tensions in the Middle East and Red Sea, increased supply from non-OPEC+ producers like the US, and concerns about China’s economic growth.
  • China’s Oil Demand:
    • China’s oil demand is reportedly in a low-growth phase as the nation transitions away from fossil fuels.
    • Increased adoption of electric vehicles and trucks powered by liquefied natural gas (LNG) is expected to reduce gasoline and diesel use this year.
    • Lu Ruquan, president of China National Petroleum Corp.’s Economics & Technology Research Institute, mentioned this shift in an interview with Bloomberg Television.
  • Current Prices:
    • Brent for May settlement rose 0.5% to $83.38 a barrel.
    • WTI for April delivery climbed 0.6% to $79.43 a barrel.

This information was sourced from Bloomberg.