Pipeline operator Lotus Midstream LLC may reverse flows on a line now sending cr...
HOUSTON - Pipeline operator Lotus Midstream LLC may reverse flows on a line now sending crude from West Texas to Cushing, Oklahoma, the main hub for pricing U.S. crude futures, three people familiar with the matter said on Tuesday, an unusual move that could lift U.S. benchmark prices by draining supplies.
But with the operators of the new pipelines offering discounted prices to attract shippers and as oil in West Texas fetching higher prices than in Cushing, the reversal would be lucrative for shippers, traders and analysts said. Permian output has risen to 4.3 million bpd from 1.68 million bpd since that reversal, helping drive U.S. crude exports this year above 3 million bpd, according to U.S. government data. Three new pipelines from the Permian will increase existing capacity by two-thirds, with about 2.5 million bpd in additional space.
Inventories at Cushing fell to 44.8 million barrels in the week ended Aug. 9, after peaking at 53.5 million in mid-June.
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