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Emergency crews work to clean up after a leak at the Keystone pipeline, in Washington County, Kan., on Dec. 9. DRONE BASE/Reuters Six days after TC Energy’s TRP-T Keystone pipeline shut following a 14,000-barrel spill into a creek in Kansas, traders are questioning whether there is enough oil in storage in key areas if the pipeline remains closed for a number of weeks. Here is the latest data on storage inventories, and other factors affecting cash prices in Canada and the United States: Western Canadian inventories As of the week ending Dec. 2, or the week before the spill, Canadian inventories were just below 29 million barrels, according to energy consultancy Wood Mackenzie, with about 16 million barrels of spare capacity available. On Tuesday, the latest data for the week ending Dec. 9 showed inventories rose 1.4 million barrels to around 30.4 million, according to a trader. Wood Mackenzie, which sends its inventory data to clients a day or two ahead of making it widely available...

Canadian oil and gas companies are expected to increase spending in 2023, but analysts say it will be another year of modest growth and not a return to boom times. For Canada’s energy industry, 2022 was the year that finally snapped a decade of weak commodity prices and brought prosperity back to the sector. With the lifting of global pandemic restrictions, the war in Ukraine, and the cumulative impact of years of underinvestment in oil and gas, energy prices hit record highs in 2022 and Canadian companies reaped record profits. But most of these profits went to paying down debt and rewarding shareholders, not into major construction or infrastructure projects. And even though commodity prices are expected to remain healthy in 2023, that theme is likely to remain. “The oil producers have become far more financially disciplined over the last six or eight years,” said Philip Petursson, chief investment strategist at IG Wealth Management, adding the threat of a looming recession in 2023...

Emergency crews work to clean up after a leak at the Keystone pipeline, in Washington County, Kan., on Dec. 9. DRONE BASE/Reuters Six days after TC Energy’s TRP-T Keystone pipeline shut following a 14,000-barrel spill into a creek in Kansas, traders are questioning whether there is enough oil in storage in key areas if the pipeline remains closed for a number of weeks. Here is the latest data on storage inventories, and other factors affecting cash prices in Canada and the United States: Western Canadian inventories As of the week ending Dec. 2, or the week before the spill, Canadian inventories were just below 29 million barrels, according to energy consultancy Wood Mackenzie, with about 16 million barrels of spare capacity available. On Tuesday, the latest data for the week ending Dec. 9 showed inventories rose 1.4 million barrels to around 30.4 million, according to a trader. Wood Mackenzie, which sends its inventory data to clients a day or two ahead of making it widely available...