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U.S. reviewing Enbridge pipeline spill, no restart decision yet

By Scott Haggett and Ayesha Rascoe

CALGARY/WASHINGTON (Reuters) - U.S. pipeline regulators said on Monday no decision had been made on whether Enbridge Inc will have to take any corrective measures before restarting a pipeline shuttered after spilling more 1,000 barrels of crude oil in Wisconsin.

The 318,000 barrel per day Line 14 -- which carries Canadian crude to refiners in the Midwest -- was shut on Friday after the discovery of the spill, the latest in a series of incidents that threaten to damage the reputation of a company that launched its most ambitious expansion program ever just two months ago.

It came almost two years to the day after a ruptured Enbridge line fouled part of the Kalamazoo River in Michigan.

"Everything is still being looked at," said Pipeline and Hazardous Materials Safety Administration spokesman, Damon Hill.

With U.S. oil inventories in the Midwest brimming, analysts said there was no imminent threat to crude market supply unless the shutdown proved to be prolonged and U.S. oil futures traded lower in early Monday trade.

The spill occurred in the month-end gap between trading periods for Canadian cash crude, so it had no immediate impact on prices for the next delivery month, September. Cash gasoline in Chicago rallied, however, boosted by the pipeline shutdown and problems at three regional refineries, rising 7.00 cents per gallon and was pegged at 15 to 19 cents over August gasoline futures.

Traders said they were wary of any complications in repairing the pipeline, though most did not expect a long outage.

"They are likely to fix it quickly," said Carl Holland, of Energy Trading Solutions, adding: "(It looks like) Much ado about nothing unless downtime extends beyond this coming Friday."

A replacement for the failed pipe will be installed later on Monday, said Enbridge spokeswoman Lorraine Little, adding the company continues to investigate the cause of the accident.

"The pipeline is now exposed and repair work is underway," she said. "A new section of pipe is tentatively scheduled to be installed today."

Enbridge shares were down 17 Canadian cents to C$41.95 by midmorning on the Toronto Stock Exchange.

(Reporting by Scott Haggett, Ayesha Rascoe, Janet McGurty and Selam Gebrekidan; Editing by Gerald E. McCormick, Marguerita Choy and Sofina Mirza-Reid)