It’s done. The highly anticipated reversal and expansion of the Seaway pipeline, which will bring 400k bpd of oil from Cushing, OK to the Gulf Coast is operational. News of the completion filtered into the market in late December, and seemed responsible for the late-month surge. The Brent-WTI spread has also been contracting, as a result with more contraction this morning.
Energy Overview — TotalView™ of the Energy Markets