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Keystone Pipeline resumes service from Steele City to Patoka

Houston — The portion of TransCanada's Keystone Pipeline running from Steele City, Nebraska, to Patoka, Illinois, restarted Tuesday morning after being down for nearly two weeks, a spokesman for TransCanada said.

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On February 6, the crude pipeline was shut down due to a reported leak in St. Charles County, Missouri.

The spread between Western Canadian Select prices at Hardisty, Alberta, and Cushing, Oklahoma, nearly doubled as the market reacted to the shutdown, moving from minus $4.95/b on February 6 to minus $8.60/b on February 8, indicating the market had concerns about WCS supply in Cushing, according to data collected by S&P Global Platts.

Condensate differentials were also affected by the Keystone shutdown as the light grade is used to more easily transport heavy WCS crude via pipeline. From February 6-8, differentials between condensate and the NYMEX WTI CMA widened from minus $2.15/b to minus $3.25/b.

It is unclear how this news will affect April WCS prices, as trading remains muted in the traditional dead period after March pipeline nominations. April WCS at Hardisty was heard bid at WTI CMA minus $19.75/b and heard offered at minus $9.75/b Tuesday morning.

--Kristian Paris Tialios, kristian.tialios@spglobal.com

--Edited by Annie Siebert, ann.siebert@spglobal.com