January 7, 2019 / 5:29 PM / 13 days ago

TransCanada's Marketlink crude line to cut some rates from Cushing

NEW YORK, Jan 7 (Reuters) - TransCanada Corp’s Marketlink pipeline filed with U.S. energy regulators to cut certain spot rates to haul crude from Cushing, Oklahoma to Port Arthur and Houston, Texas, in a move expected to draw down inventories at the storage hub:

* The pipeline plans to reduce the temporary discounted spot rate to $3.60 per barrel from $3.875/bbl to ship light crude from Cushing to Port Arthur - U.S. Federal Energy Regulatory Commission Friday filing

* Temporary discounted spot rate to ship heavy crude from Cushing to Port Arthur would be cut to $4.32/bbl from $4.655

* Light crude from Cushing to Houston would cost $3.60/bbl compared with current $3.875/bbl; heavy crude would cost $4.32/bbl vs $4.655/bbl currently - filing

* The drop in rates is effective Feb. 1. It is expected to boost flows out of the Midwest and keep the U.S. crude export window open, dealers said.

* Inventories at Cushing, the delivery point for U.S. crude futures, fell by 267,000 barrels in week to Jan. 4, traders said, citing market intelligence firm Genscape (Reporting by Devika Krishna Kumar in New York)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below