The petroleum markets are having a hard time deciding whether they should rally on the cold temperatures, or sell-off on a forecast that puts most of the eastern half of the United States to back above normal temperatures.
TransCanada Corp. should be barred from building the Keystone XL pipeline to transport Canadian tar-sands crude to Gulf Coast refineries, pipeline opponents urged a Texas appeals court, citing a new state-court precedent.
U.S. oil inventories climbed for a ninth week, reaching a 21-year high, as growing production bolstered a supply glut in the days before the Seaway pipeline began to move crude to refineries along the Gulf Coast.
TransCanada Corp.’s proposed pipeline to carry crude from the oil sands of Canada to the U.S. Gulf Coast would increase gasoline prices, according to a report from an environmental group that opposes the project.
TransCanada Corp.’s Keystone XL oil pipeline would be approved under a Republican plan being considered in the U.S. Senate, while a Democratic proposal would bar export of Canadian crude transported through the line.