El Paso Corp. (EP:NYSE) recently announced that the Ruby Pipeline is now in service, which could have a supstantial impact on the natural gas sector, according to analysts.
Analysts with Bentek Energy told Reuters that the completion of the pipeline will likely make the competition between Canadian and Rocky suppliers for part of the Pacific Gas & Electric Company market more fierce.
"Depending on market conditions, this has the potential to significantly shake up natural gas markets in the West," Rusty Braziel, Bentek vice president, told the news source.
The 680-mile, 42-inch natural gas pipeline runs from Opal, Wyoming, to close to Malin, Oregon, according to a release from the company.
Jim Cleary, president of El Paso's Western Pipelines, said that the completion of the pipeline was the culmination of years of work.
"Ruby is across the finish line, completing more than three-and-a-half years of stakeholder outreach and construction," he said. "Going forward, it will continue to deliver long-term economic and environmental benefits, by providing clean-burning natural gas supplies from the major Rocky Mountain basins to consumers in California, Nevada, and the Pacific Northwest."
According to Reuters, El Paso's 52-week high was $21.54 and its low was $10.97.