Seaway Update and Pricing; Chinese Manufacturing Expanding At Fastest Rate In Two Years

To the best of my knowledge, there has been no change in the cutback in Seaway's flow, back to 175,000 bopd just after expansion to 400,000 bopd had been completed. Within hours of that announcement, WTI fell about $1.50, but recovered quickly the next day (today), perhaps due to this from forex-tribe.com:

Yet, the downside movement seen today may be limited as crude is finding support from China’s upbeat manufacturing data that improve the outlook for global growth and fuel demand from the world’s second largest oil consumer.

Manufacturing in China is expanding at the fastest rate in two years, providing signs of further economic rebound. The preliminary reading of HSBC’s Purchasing Managers’ Index was 51.9 in January from 51.5 final reading in December.

More on the background/reason to decreasing flow on the Seaway can be found at Fox News (sent in by a reader). 

Enterprise Products Partners LP (EPD) cut its Seaway pipeline oil deliveries by more than half after a major refinery in Sweeny, Texas, reduced demand while it undergoes maintenance, an Enterprise spokesman said Thursday.

Enterprise reduced the flow of its newly expanded 400,000 barrel-a-day pipeline Wednesday to 175,000 barrels a day because its Jones Creek storage terminal was filled to capacity.

The reduction was not because of technical problems with Seaway, or with the terminal, but because customers were not taking enough oil out of the terminal, Enterprise spokesman Rick Rainey said.