- Oil continues to trade range-bound following Fed’s hawkish remarks
- April ’23 WTI gained 31c this morning to trade around $77/Bbl
- Crude remains under pressure following Fed Chair Powell’s remarks on Tuesday with expectations for higher-than-expected rate hikes
- Powell reiterated that the bank might raise interest rates more than expected, but he said that a decision hadn’t been taken for the March meeting
- Oil prices extended Tuesday’s losses yesterday despite EIA reporting the first crude stock draw of the year
- Additionally, the U.S. dollar weakened slightly after strengthening to a three-month high earlier this week
- U.S. pipeline regulator orders lower pressure on Keystone pipeline following the December spill (BBG)
- PHMSA said on Tuesday that it is requiring TC Energy Company to lower the operational pressure on the Keystone pipeline following the 13 MBbl spill in December
- The regulator added that the company’s "operating, maintenance, and/or integrity management programs may be inadequate to address the repetitious pattern of failures related to the original design, manufacture, and construction of Keystone pipeline"
- The pipeline, which can transport as much as 640 MBbl/d of heavy Canadian oil to the Gulf Coast, now risks a reduction in supplies just as U.S. refiners ramp up ahead of summer when annual gasoline consumption tends to peak