TransCanada to restart Keystone pipeline on Tuesday, WTI set to fall further?

Dhwani Mehta FXStreet

Calgary-based TransCanada Corp came out with a brief statement on Tuesday, via Reuters, noting that the Keystone crude oil pipeline that carries oil to the US refineries will restart at reduced pressure from today.

The statement read: “We are communicating plans to our customers and will continue working closely with them as we begin to return to normal operating conditions.”

The pipeline opened up after nearly two weeks of shutdown, induced by 5,000 barrels of an oil spill in rural South Dakota.

TransCanada said a day before that the US Pipeline and Hazardous Materials Safety Administration (PHMSA) reviewed its repair and restart plans.

Both crude benchmarks trade weaker this Tuesday, with WTI down -0.46% at $ 57.84 while Brent loses -0.63% to $ 63.30.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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