- The new Diamond Pipeline has disrupted crude oil flows around the U.S. Gulf Coast and Midwest since it opened in December, cutting supply at the Cushing, Okla., hub and hammering Louisiana oil prices, Reuters reports.
- The pipeline from Cushing to Memphis, Tenn., a joint venture between Plains All American Pipeline (NYSE:PAA) and Valero Energy (NYSE:VLO), has hit volumes on the Capline system, the largest U.S. crude pipeline that runs from the Gulf to key refineries in the Midwest, according to the report.
- Prices for the two main Gulf Coast crude grades traded in the Louisiana region - Light Louisiana Sweet and Mars - recently plunged to six-month lows vs. U.S. crude futures.
- U.S. crude’s discount to Brent hit $3.77/bbl yesterday, the tightest since Aug. 21.
- ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI, USOU, USOD, UBRT, DBRT, USAI
- Now read: This Oil Dividend Stock Has A 3.3% Yield And Just Raised Its Dividend By 14%
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