Rick Rainey News
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The Seaway pipeline, which was reversed last summer to relieve a historic oil glut in the Midwest, will have limitations at its terminus in Texas until a new pipeline lateral is finished in late 2013.
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Oil rose to the highest level in more than four months as the Federal Reserve maintained an asset-buying program to boost the economy.
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Enterprise Product Partners LP said the Seaway pipeline is “running as expected” despite restrictions on how much oil can be received at the pipe’s final terminal in Jones Creek, Texas.
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Crude headed for a seventh weekly advance in New York, the longest run of gains in almost four years, amid signs of global economic growth and concern that oil facilities in North Africa are vulnerable to militant attacks.
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Spot crude in the U.S. Gulf Coast weakened after the differential between U.S. and European benchmarks narrowed on speculation a reduction in rates on a pipeline from the Midwest to the Gulf would be short-lived.
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Crude produced in the Gulf of Mexico weakened ahead of the expansion of the Seaway pipeline, which will increase the supply of competing crudes on the Gulf Coast.
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Crude produced offshore in the Gulf of Mexico weakened as U.S. benchmark oil strengthened against overseas imports.
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Enterprise Products Partners LP shut a 10-inch crude gathering pipeline in a rural area near Iola, Texas, after a leak was discovered yesterday, Rick Rainey , a company spokesman, said today. The leak is estimated to be 7,000 barrels, he said.
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Enterprise Products Partners LP shut a 20-inch natural gas pipeline in South Texas after it was punctured by a third-party contractor working near the line, a company spokesman said.
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Mississippi River barge traffic is slowing as the worst drought in five decades combines with a seasonal dry period to push water levels to a near-record low, prompting shippers to seek alternatives.
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