US crude oil futures sprang back above $100 a barrel on plans to reverse a key pipeline that would reconnect the supply of West Texas Intermediate to global markets.
Enbridge, a Canadian pipeline company, said it would pay ConocoPhillips $1.15bn to buy a 50 per cent stake in the Seaway pipeline and with co-owner Enterprise Products Partnersreverse it to run south from landlocked Cushing, Oklahoma, to the Gulf of Mexico.
The plan had important implications for energy markets. Elevated stocks in and around Cushing, the delivery point for West Texas Intermediate crude listed by CME Group, have caused the blend to suffer a severe discount to similar oil types, challenging its status as a benchmark.
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