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Oil prices spike for Gulf Coast Pipeline Project acceptance

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Yesterday TransCanada Corp’s (NYSE:TRP) filing to transport crude oil for the Gulf Coast Pipeline Project was accepted by the Federal Energy Regulatory Committee causing a spike in oil prices. On January 3, 2014, TransCanada Corp’s Keystone Gulf Coast Pipeline will start transporting crude oil on the pipeline starting in Cushing, Oklahoma and ending in Port Arthur, Texas. Oil Production is expected to increase in North America from TransCanada Pipeline Projects: Keystone Pipeline, Keystone XL, Cushing Extension, Gulf Coast and Houston Lateral.

According to the Wall Street Journal, “Light, sweet crude for January delivery settled up $2.22, or 2.4%, at $96.04 a barrel on the New York Mercantile Exchange, the highest settlement price since Oct. 31. Brent crude on the ICE futures exchange rose $1.17, or 1%, to $112.62 a barrel.”

The proposed Keystone Pipeline Project will begin in Hardisty, Alberta, Canada routing southwest to Winnipeg, Minnesota and south to Steel City, Nebraska where it ends in the west at Patoka, Illinois. The proposed Keystone XL will begin in Hardisty, Alberta, Canada and end in Steel City, Nebraska. The proposed Cushing Extension will begin in Steel City, Nebraska and end in Cushing, Oklahoma. The proposed Gulf Coast will start in Cushing, Oklahoma and end in Port Arthur, Texas. The proposed Houston Lateral Project will start in Port Arthur and end in Houston.

Previously Nederland, Texas was the end point of the Gulf Coast Pipeline but this was changed to Port Arthur, Texas. On October 30, 2013, it was announced that TransCanada selected Quanta Services of Houston to construct the pipeline of the Houston Lateral Project. Quanta Services estimates that 650 jobs will be supported for the Houston Lateral Project. It is estimated that TransCanada employed 4,000 Americans on constructing the $2.3 Gulf Coast Project. TransCanada has contracts with more than 50 suppliers across the U.S., including companies in Texas, Missouri, Michigan, Oklahoma, South Carolina, Indiana, Georgia, Maryland, New York, Louisiana, Oklahoma, Minnesota, Ohio, Arkansas, Kansas, California and Pennsylvania.

TransCanada has committed to protecting the environment

"When we look at greenhouse gasses emissions holistically, Canada represents only two per cent of the global total. Despite its minimal contribution, Canada recognizes it must continue to be a leader in environmental performance. Canada has agreed along with the United States to reduce its carbon emissions by 17 per cent below 2005 levels by 2020 as per the Copenhagen Accord. If we take a closer look at Canada’s emissions, and specifically the oil sands industry you’ll see that the oil sands make up just 7.8 per cent of Canada’s total emissions. In 2011, oil sands emissions were 55 million tonnes which is equivalent to 4.3 per cent of emissions of U.S. coal sector. That’s less than the emissions from two coal-fired power plants in the State of Georgia. In total, the entire oil sands industry, which employs tens of thousands of people and generates billions of dollars of wealth throughout North America contributes less than one-fifth of one per cent globally. Emissions from Keystone XL in global terms are virtually immeasurable."

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Check out the attached video for market watch in China and the impact of oil in the commodities market.



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