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Canadian crude dip is not a long term concern, market reacts to shutdowns

TABJ - June 1 - Pricing for Canadian crude oil took a hit, up to Tuesday, after disruption for supplies belonging to TransCanada Corp. and Enbridge Inc. were reported.

It was the second pump station leak in the month for TransCanada’s Keystone oil pipeline, which produces 591,000 barrels per day (bpd). Storms in Michigan caused Enbridge to close a significant line over the weekend—the 280,0000 barrel per day Line 6B—and oversupply resulted in the closure of the 667,000 barrel per day Line 6A also.

The leaks have been described as minor concerns in terms of overall output, likened to growing pains in the national press. Both events are now described as non-events in terms of longer term trading.

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