Overall, WTI oil prices are holding to their gains from the week. Part of the rally was due to the TransCanada’s announcement that the southern leg of the Keystone pipeline would begin operations on January 3rd. That news has changed, however, with the company now saying operations will not begin until mid-January, and expectations have been further tempered by the revelation that its capacity will not ramp up to even 500k bpd until mid-year 2014. Obviously, these things take time. That, of course, does not stop the market from pricing in its impact now.
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