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What’s Keeping Oil From Rallying To $75?

What’s Keeping Oil From Rallying To $75?

Supply fundamentals in crude oil…

Enbridge Sees $5.4B In Pipeline Projects Coming Online This Year

Pipeline

Enbridge expects pipeline projects worth US$5.4 billion (C$7 billion) to come into service this year, easing constrained oil and natural gas takeaway capacity in the North American market, the Calgary-based pipeline company said on Friday.

Of the US$5.4-billion in projects expected to be put into service this year, two are of significant size. One is the US$1.3-billion Nexus natural gas pipeline, in which Enbridge has a 50-percent share of the total project cost. The pipeline will transport gas from the Marcellus and Utica basins to the upper Midwest and Canadian markets. The project is progressing well, with construction well advanced in Ohio and Michigan, and remains on track for completion late in the third quarter, Enbridge said.

The US$1.6 billion Valley Crossing project, designed to supply 2.6 Bcf of gas into the Mexican market, has substantially completed its onshore and offshore pipeline installation and is on track to go into service in the fourth quarter this year.

At the end of the second quarter of 2018, the Minnesota Public Utilities Commission approved the proposed replacement of Enbridge’s Line 3 pipeline despite the vocal environmentalist opposition. The decision should provide some relief to Canadian oil producers as the new pipeline will allow them to send more crude to U.S. refineries.

Enbridge expects to receive permits from the U.S. Army Corps of Engineers, state agencies, and local governments in Minnesota in time to begin construction in the first quarter of 2019, and continues to anticipate an in-service date for the project in the second half of 2019.

“We continue to deliver strong and reliable operating and financial performance from the base businesses and we’re executing on the strategic priorities that will position Enbridge for success going forward. We believe that these actions will surface significant value from what we see as the premium energy infrastructure assets in North America,” said Al Monaco, President and Chief Executive Officer of Enbridge.

By Tsvetana Paraskova for Oilprice.com

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