Two leakage issues from the Keystone pipeline have been recently reported, first on May 7, when leakage of 400 barrels of oil in North Dakota from the pipeline was reported and second is the leakage of 10 barrels of oil in Kansas from the pipeline on May 29. Post these incidents; TransCanada Corp.
The surged prices of oil are expected to fall in the coming time. As during a two-day Asian oil and gas conference, the Chief Executive of Petronas, a national oil company said, "Given the current state of market fundamentals and the cost environment, I believe prices should remain within the range of $75 to $80 per barrel".
Iran, the second largest producer and delegate of Organization of Petroleum Exporting Countries has frequently backed price fluctuations and said that the current output ceilings and high prices are acceptable. Consequently, OPEC delegates have claimed that a formal, concentrated change was implausible to be debated and individual members would likely increase output unilaterally to make up for growing consumption.
Noble Energy struck oil in the Gulf of Mexico during a project that was temporarily suspended after last year’s oil spill. It is reported that 60 feet of oil pay in high-quality was from Miocene reservoir.
Commodity Future Trading Commission charged two oil companies for manipulating the prices of crude oil on Tuesday. This is being considered the biggest oil manipulation ever. Traders James Dyer’s company Parnon Energy and Nicholas Wildgoose’s Europe based company Arcadia Energy are being faced with charges of oil manipulation.
Former traders of BP, the two traders being charged are not new to the oil market. Both Dyer and Wildgoose collected and sold of a considerable amount of crude oil in order to manipulate the cost of oil
The US Commodity Futures Trading Commission has filed a law suit against a crude oil trader from Brisbane, James T Dyer. The trader is accused of illegal market scam in the oil market.