CME Group, the world's leading and most diverse derivatives marketplace, today 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 enhance the significance of our NYMEX Light Sweet Crude Oil (WTI) benchmark.
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.
