August 1, 2019 / 6:27 PM / 18 days ago

Magellan Midstream expects crude spot shipments to fade after Q3 -CEO

HOUSTON, Aug 1 (Reuters) - Pipeline operator Magellan Midstream Partners LP expects three new pipelines to ease a crude oil bottleneck in the Permian basin and squeeze the price differential between Midland, Texas, and Houston, cutting spot shipments on two of its Texas pipelines, executives told investors on Thursday.

Magellan said its 275,000 barrel-per-day Longhorn pipeline from the Permian to Houston has run near its total capacity for months, but the company now assumes spot shipments will disappear on its Longhorn pipeline and another system after the third quarter, when new capacity begins, Chief Executive Officer Mike Mears said. (Reporting by Collin Eaton in Houston; editing by Grant McCool)

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