Seaway Pipeline Reversal Two Weeks Ahead of Schedule -- Should Start Delivering Crude Oil to Gulf Coast May, 2012

Link here to Rigzone.

The Seaway pipeline reversal, designed to help ease a supply glut in Cushing, Okla., that has been depressing U.S. prices, will begin delivering crude to the Gulf Coast refinery belt in a month, or two weeks earlier than expected.

Traders said the move will unlock the value of the landlocked U.S. benchmark, by making the crude available to Gulf Coast refineries. At the same time, the move cuts the value of the European benchmark, Brent crude, as competitive crudes become more plentiful in the region.

 Light sweet crude for May delivery on NY Mercantile Exchange: $104.20
ICE North Sea Brent: $118.78

The NYMEX-Brent spread at the lowest since February 1; now about $14.50; was nearly $21 two weeks ago.