WTI oil prices spiked, yesterday, on a delayed reaction to the news that the Keystone pipeline’s southern leg will begin carrying 700k bpd from Cushing to the Gulf, starting January 3rd. Prices rose further in early-evening trading, on a report from the API that crude oil inventories plunged 12 million barrels for the week. The EIA report will likely confirm most of that drawdown, later this morning.