Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Dec. 30 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- After a shutdown of more than three weeks, along with troublesome repairs, TC Energy reopened its Keystone pipeline on Friday. Earlier this month a leak was discovered in Kansas along the line’s Cushing Extension that spilled 14,000 barrels of oil. The company said Keystone, which can carry 600,000 barrels per day, is operating at reduced capacity, including its Patoka Extension. The leak marked one of the worst onshore oil spills in the United States over the last decade.
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- Meanwhile, Suncor Energy announced on Friday that its refinery near Commerce City, Col. will remain shut down for the next three months. There were fires at the 98,000-barrel per day facility on Dec. 19 and 27, with warnings of possible fires on Dec. 22 and 24. Added to that, below normal temperatures curtailed operations. The refinery accounts for about 21 per cent of Suncor’s capacity.
- A report said that Russia will ramp up its diesel exports prior to the European Union ban on its diesel takes effect. Indications pointed to an eight per cent hike in outbound diesel of nearly 2.7 million tonnes next month. The EU’s ban is scheduled to begin on Feb. 5 and is in addition to a crude oil ban that started this month.
- Brazil President-Elect Luiz Inacio Lula da Silva announced on Thursday he will appoint Marina Silva as the country’s next environment minister after he’s sworn-in on Sunday. Silva is an ardent defender of the Brazil rainforest, serving the same ministerial capacity in Lula’s previous government and strongly opposed the massive deforestation advocated by the country’s agriculture sector. Reports said that deforestation reached record levels during the term of outgoing president Jair Bolsonaro.
