The relatively new phenomenon of headline risk attendant to pipeline operations was on full display, yesterday. The day started off with word that operation of the Seaway and Ozark pipelines were reduced, affecting flows out of Cushing, Oklahoma. This induced a sell-off as traders imagined oil backing up mightily, once again, in te recently storage center. Operations were said to resume mid-morning, and prices turned around. From time to time, we have noted this vulnerability to news of the most granular variety. Refinery outages used to drive the tape like that…
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