21:36:23 EDT Fri 19 Apr 2024
Enter Symbol
or Name
USA
CA



Enbridge Inc
Symbol ENB
Shares Issued 851,951,607
Close 2015-03-16 C$ 59.57
Market Cap C$ 50,750,757,229
Recent Sedar Documents

Globe says Enbridge's storage facilities near capacity

2015-03-17 07:54 ET - In the News

The Globe and Mail reports in its Tuesday edition that oil traders are growing increasingly nervous that a glut of oil will send prices into a tailspin. The Globe's Shawn McCarthy writes that the storage issue could be another blow to Alberta's struggling industry. It is a commercial secret as to how close Enbridge's tanks are to full capacity. Enbridge's tank farm in Cushing, Okla., can now store 20 million barrels of crude. Cushing is the continent's largest crude storage centre. Oil traders warn that North America is running out of places to store oil. If storage facilities reach capacity, prices would go into a tailspin and the industry would be forced to idle wells until growing demand caught up to shrinking supply. The Globe says the storage picture is opaque. Enbridge stores crude for its own account and on behalf of customers who profit by buying oil at today's low prices and then reselling it at a higher price on the futures market for delivery at some later date. Enbridge spokesman Graham White says, "Demand for commercial tank storage today is high since the future expected price of oil is higher than it is today, so investors are looking to build up supplies in North America."

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