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NYMEX-U.S. crude ends above $102 on pipeline plan
November 16, 2011 / 9:56 PM / 6 years ago

NYMEX-U.S. crude ends above $102 on pipeline plan

* Enbridge to reverse Seaway crude pipeline in Q2 2012
    * Brent/U.S. crude spread drops below $9/bbl intraday
    * Coming up: EIA natgas data 10:30 a.m. EST Thursday
    NEW YORK, Nov 16 (Reuters) - U.S. crude futures jumped
sharply on Wednesday on news of plans to reverse the Seaway
crude oil pipeline next year, a move expected to help relieve
an oil glut at the Cushing, Oklahoma hub.
    Enbridge Inc and Enterprise Products Partners said they plan to reverse their 350,000-barrels-per-day
Seaway pipeline, which currently moves oil from the U.S. Gulf
Coast to the oil storage hub at Cushing.
    Brent crude futures tumbled intraday and the pipeline news
prompted more unwinding of Brent's premium to its U.S.
counterpart.
    Brent's premium to U.S. crude fell intraday to
$8.30 a barrel, its lowest since March, having reached $19.91
on Nov. 8 and a record above $28 in October.
    The Seaway news overshadowed a weekly inventory report from
the U.S. EnergyUPCOMING DATA/EVENTS
    * U.S. weekly initial jobless claims data due at 8:30 a.m.
EST (1330 GMT) on Thursday.
    * U.S. Energy Information Administration's weekly natural
gas storage data due at 10:30 a.m. EST (1530 GMT) on Thursday.
    * NYMEX December crude contract expires on Friday.
    * U.S. Commodities Futures Trading Commission positions
data due at 3:30 p.m. EST (2030 GMT) on Friday.
       SETTLE     NET    PCT     LOW    HIGH  CURRENT  DAY AGO
                 CHNG   CHNG                      VOL      VOL
CLc1   102.59    3.22   3.2%   98.39  102.89  367,880  353,319
CLc2   102.60    3.17   3.2%   98.43  102.91  323,140  153,152
LCOc1  111.88   -0.30  -0.3%  110.14  112.50  260,611   20,240
RBc1   2.6273  0.0416   1.6%  2.5615  2.6326   39,077   43,907
RBc2   2.6319  0.0398   1.5%  2.5656  2.6359   46,685   33,417
HOc1   3.1346 -0.0367  -1.2%  3.1083  3.1798   63,712   52,775
HOc2   3.1409 -0.0331  -1.0%  3.1150  3.1812   49,838   33,814
TOTAL MARKET            VOLUME                 OPEN  INTEREST
             CURRENT    Nov 15   30D AVG     Nov 15  NET CHNG
CRUDE       1,178,23   743,768   678,420  1,357,125    26,579
RBOB         170,143   134,358   136,279    297,549    -4,526
HO           180,369   133,172   140,017    297,574    -3,029

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