goes into service Jan 3rd. This pipeline will transport crude from Cushing to the Gulf Coast. That should result in narrowing of the WTI-Brent spread as supplies fall at Cushing. The spread is already narrowing since yesterday when the Jan 3rd date was announced. This is bearish for refiner margins. The spread which blew out again over the last few months will now be narrowing, perhaps down to mid single digits range.