Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (12128)	5/12/2011 2:04:23 AM
From: Wharf Rat	Respond to of 24232

Enbridge Revives Talks Over Pipeline To Relieve Cushing Glut By Edward Welsch Published May 11, 2011 \| Dow Jones Newswires CALGARY -(Dow Jones)- Enbridge Inc. (ENB) said Wednesday it is in renewed talks to build an oil pipeline that would link the key U.S. supply hub of Cushing, Okla., with refineries on the U.S. Gulf Coast. The potential Monarch pipeline project would compete with two other pipelines proposed by TransCanada Corp.'s (TRP) and Energy Transfer Partners LP (ETP). Increased Canadian oil supplies have caused a glut of at the Cushing hub and made U.S. benchmark oil prices trade at a discount compared with international benchmarks. Producers and pipeline companies are vying to unblock that glut and send the extra oil down to refineries on the U.S. Gulf coast, where prices will reflect the higher international price of oil. Enbridge said it is seeing increased interest from oil producers in the Monarch line after signing a 10-year tolling agreement on its Canadian Mainline system, a 2 million barrel-a-day pipeline that is the largest mover of Canadian crude oil into the U.S. "Don't underestimate the opportunities that will be brought to this company as a result of the [tolling] agreement," Enbridge Chief Executive Pat Daniel said during a conference call. He said the agreement over fixed shipping rates gives Canadian producers increased confidence in the cost of shipping oil with Enbridge all the way to the Gulf coast. Commenting on the competing projects by TransCanada and Energy Transfer Partners, Daniel said he believes it may take two pipelines south from Cushing to clear the glut there. foxbusiness.com