 |
Louisiana Light • 2 days | 90.61 | -0.79 | -0.86% | ||
|
Bonny Light • 1 day | 95.18 | +0.63 | +0.67% | ||
|
Opec Basket • 2 days | 95.31 | -0.42 | -0.44% | ||
|
Mars US • 8 hours | 89.29 | +0.91 | +1.03% | ||
|
Gasoline • 10 mins | 2.593 | +0.030 | +1.18% |
|
Bonny Light • 1 day | 95.18 | +0.63 | +0.67% | ||
|
Girassol • 1 day | 96.58 | +0.66 | +0.69% | ||
|
Opec Basket • 2 days | 95.31 | -0.42 | -0.44% |
|
Peace Sour • 24 hours | 84.18 | -0.35 | -0.41% | ||
|
Light Sour Blend • 24 hours | 84.68 | -0.35 | -0.41% | ||
|
Syncrude Sweet Premium • 24 hours | 93.28 | -0.35 | -0.37% | ||
|
Central Alberta • 24 hours | 84.18 | -0.35 | -0.41% |
|
Eagle Ford • 2 days | 86.16 | -0.35 | -0.40% | ||
|
Oklahoma Sweet • 2 days | 86.25 | -0.25 | -0.29% | ||
|
Kansas Common • 1 day | 80.75 | +0.75 | +0.94% | ||
|
Buena Vista • 2 days | 95.63 | -0.10 | -0.10% |
A Potentially Bearish Signal For Oil Markets
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Trudeau Gives The Trans Mountain Pipeline Hope
Canadian Prime Minister Justin Trudeau said that Kinder Morgan’s Trans Mountain pipeline will be built, according to Reuters.
“I have asked the finance minister to engage in discussions, financial discussions, with Kinder Morgan and that’s exactly what is going on,” he said. “We will ensure that this pipeline gets built in a way that upholds and protects the interests of Canadians. This pipeline will get built.”
The Prime Minister’s comments come a day after Kinder Morgan expressed its pessimistic outlook on the project, saying that the project now seems unsupportable given the evens of the last few weeks that has pitted the governments of oil-rich Alberta against that of British Columbia and saw it rise to the level of a trade war between the two.
“It’s become clear this particular investment may be untenable for a private party to undertake. The events of the last 10 days have confirmed those views.”
But the financial aspect is not the only issue causing Kinder Morgan to doubt the viability of the project, according to Kinder Morgan CEO Steven Kean. “We’ve pointed out there are significant differences between governments, and those differences are outside of our ability to resolve,” Kean said at a joint KMI/KML Q1 2018 quarterly earnings call on Wednesday, adding, “They’re really two separate things. Most of the investment is in British Columbia, where the government is in opposition to the project ... That is an issue that, in our view, needs to be resolved.”
Related: Canada’s Oil Patch To Turn Profitable In 2018
While the battle between the governments of Alberta and British Columbia continue to duke it out, refereed by PM Trudeau, a new poll showed that the Canadian public is warming to the project, and may be souring on the B.C. government’s opposition antics over the pipeline that would triple the amount of crude oil that moves from Alberta to B.C. The new poll by Angus Reid Institute now shows that two out of three Canadians feel that the B.C. government is wrong in its stance against the pipeline project—a 10 percent rise over the same poll in February.
By Julianne Geiger for Oilprice.com
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Julianne Geiger
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
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Citizen Oil on April 20 2018 said:The words of this Prime Minister mean nothing to KM. He has said the same thing over and over again and is doing nothing about the delays. He is taking a wait and see approach and if it fails he'll just blame other people. he is so concerned about losing power that its actually backfiring and accomplishing just that. This man boy needs to be thrown out in the next election as he is a powerless useless politician. Liberals all over the planet are anti-business , pro government excess and raising taxes indefinitely . Trudeau Junior is going to turn Canada into the next California. -
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Kr55 on April 19 2018 said:Kinder Morgan is playing this very well. Going to get some sweet government money out of this mess. Not a big deal for Canada though, they have been throwing money down the BBD money pit for years with absolutely nothing to show for it except BBD's hand out over and over again. At least with this pipeline they are getting billions of extra tax revenues and investments. -
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sal toma on April 19 2018 said:Trudeau is a lame duck Prime Minister. He and "his" government has already approved the project. It is BC that is now running the country and telling Trudeau to take a hike. He has the power but would rather see investment both foreign and domestic flee the country. Canada under these socialist's is not a place to put your money as Kinder Morgan has stated. They are about to shut this project down and rightly so, after 5 years of jumping through endless hoops and wasting 1.3 Billion$ so far in that commie country to the north. I used to be a shareholder of KM but after this mess I am glad to be out of it. If they get out of Canada I would consider buying back, or if the socialist government up there is removed.
Citizen Oil on April 20 2018 said:
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
