- Last week, TC Pipelines LP (NYSE:TRP) shut down the Keystone Pipeline System after an oil leak into a creek in Washington County, Kansas, the largest U.S. crude oil spill in nearly a decade.
- The company did not outline the cause of the leak, and the time it would take to clean it up.
- Traders expressed worry that the shutdown is expected to hamper deliveries of Canadian crude both to the U.S. storage hub in Cushing, Oklahoma, and to the Gulf.
- “For the most part, there is a concern in the trading community (the pipeline) is not up yet,” a U.S.-based dealer said.
- Citing analysts, Reuters reported that if the outage lasts more than ten days, it could push Cushing, Oklahoma, storage levels to near the operational minimum of 20 million barrels.
- Concerns over the pipeline outage shrinking supplies at Cushing helped boost the U.S. benchmark up 4% to about $73.90 in morning trade.
- Prices for sour crude grades in the U.S. Gulf of Mexico were strengthening on Monday, as the shutdown means more demand for heavier Gulf barrels.
- Differentials at Magellan at East Houston and WTI Midland crude were weakening, keeping levels at Cushing stronger and exports weaker, one trader said the Reuters report noted.
- Price Action: TRP shares are down 0.07% at $42.27 on the last check Monday.
Presto Announces CEO Departure; Rajat Suri Resigns, Krishna Gupta, The Company’s Chairman, To The Role Of Interim CEO Until A Successor To Mr. Suri Is Named Effective Immediately
Presto Automation Inc. (NASDAQ:PRST), the largest drive-thru automation technology provider (the "Company") in the hospitality industry, announced today that its Board of Directors (the "Board")
