The Seaway pipeline, which was built in 1995 to transport crude from Freeport, Texas to Cushing, Oklahoma, is now reversed to transport the rising stocks in the latter to the main US refining centre on the Gulf Coast. The reversal may have an impact on crude oil pricing and the direction of international flows.
Before that, let me say that for the evolution of crude oil prices, one has to look at benchmark crudes in the main trading centres. There are many benchmarks but the most famous are West Texas Intermediate (WTI), the famous marker of North America, and Brent, the famous North Sea blend, which has gradually become the international marker by the fact that almost two thirds of traded oils are priced relative to it.
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