That would be the termination side of one of the two critical grounding paths in your engine control harness. It is connected with the second one (usually terminated to a ring eyelet by the thermostat housing) hense why the engine runs, but it should be re-terminated to one of the stud intake manifold bolts using a ring eyelet.

Translation from canadian to american: Its a ground....![]()
Well I do have grounds on my motor on the first bolt on my intake manifold by the thermostat. I'll re terminate and get rid of that mess.
Fired it tonight!!! Thanks guys!!