Indiana Grain Company, LLC

Posted: 11/17/11

By: tomgrisafi

On Wednesday, the CME Group released the following statement on the Enterprise Products Partners L.P. and Enbridge Inc. reversal of the Seaway pipeline:

"We're pleased to congratulate Enterprise and Enbridge on the reversal of the Seaway crude oil pipeline," said Bryan Durkin, chief operating officer and managing director, products and services, CME Group. "With its reversal, Seaway will be an important addition to our domestic infrastructure and represents a major development for the North American crude oil market. We believe this new project will make the NYMEX Light Sweet Crude Oil (WTI) benchmark more accessible to global markets, bringing 150,000 barrels a day to the Gulf from Cushing by 2012 and 400,000 barrels a day by 2013."

The reversal of the pipeline, which is expected to begin service in the second half of 2012, will enable the transport of WTI light sweet crude oil from Cushing, Oklahoma, to the U.S. Gulf Coast.

Source: CME Group

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