Gold’s 27% advance stands out in mixed year for metals markets
Gold is heading for one of its biggest annual gains this century.
Oil was trading higher Friday morning driven, in part, by TransCanada Corp’s (TSX, NYSE:TRP) announcement yesterday that it was temporarily shutting down its existing Keystone pipeline after tests showed possible safety issues.
The Calgary-based company’s pipeline, which moves on average about 500,000 barrels of crude a day from Alberta down through several states to facilities Illinois and Oklahoma, will be out of commission at least until the end of Friday.
Jeannie Layson, spokeswoman for the Pipeline and Hazardous Materials Safety Administration, which oversees pipelines in the U.S., told Canadian Press on Thursday that no leaks were detected on the line.
Canada exports 2 million barrels of oil per day to the U.S. and almost all of it ends up at Cushing, Texas, , the pricing point for U.S. crude, which refining capacity is limited.
Alberta production is set to more than double to 3.7 million barrels by 2025 out of a total of 4.7 million. Production in the US particularly from the Bakken basin in North Dakota will see the country ramp up current output of 7.8 million barrels to 10.9 million barrels over the next few years.
2 Comments
James Driver
I thank all you good folks in Canada, I don’t know what we would do without you? I am one of many, who appreciate your friendship and business. We will make it, in spite of everything, remember the “cream” always comes to the top. Pipelines are like everything else we build, we have to keep an eye on them, and maintain them. The most important thing about a pipeline, is keep it full all the time and moving, so it doesn’t accumulate condensation. I was part of the “mechanical integrity team” of the Platte Pipe Line Company, and I saw what happens when the pipeline is not kept full. If I can be of help ever, I will share some experiences with you all. Keep up the good work, and there are lots of folks supporting your efforts.
James Driver, U.S.M.C. Weld Technician Norther Border Pipeline 1981-83 Glasgow, MT and many others also P.G. & E. 42″ Project.
[email protected] 251)295-2068
Brian
This is the first time I’ve seen a positive comment (other than Brian Williams during the Vancouver Winter Olympics) about the great country above us that we take so much for granted, I thought it was only me that thought this way, excellent and very informative comment, well done. JBD