AMERICAS OIL: Canada Wants New Oil Pipelines; Nobody Wants to Build Them
Feb-26 12:39
Canada Wants New Oil Pipelines to Avoid Trump Tariffs; Nobody Wants to Build Them: Reuters
- Several Canadian politicians have called for new pipelines be built to coastal export terminals to reduce dependency on the U.S. market after US President Trump threatened tariffs on Canadian oil exports.
- Oil is the most valuable export of Canada, which sends 90% of its 4 mb/d in oil exports to US refiners.
- Canada's Liberal Energy Minister, the Conservative opposition leader and several provincial premiers have all called for new pipelines to take crude to Canada's west, east and north coasts. But no private company has expressed recent interest.
- Two big east-west projects have been canceled in the last decade, and a Canadian company also lost billions when former President Biden revoked permits for the Keystone XL pipeline project to the US in 2021.
- Trump on Monday said he wanted Keystone XL built and pledged easy regulatory approvals. But on the same day, he said tariffs on US imports from Canada and Mexico would proceed in March.
- A report last year by S&P Global Commodity Insights said Canadian oil sands output rose by 1.3 mb/d in the last decade, and could rise an additional half-million b/d by 2030.
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OPTIONS: Larger FX Option Pipeline
Jan-27 12:35
- EUR/USD: Jan28 $1.0400(E1.0bln), $1.0500(E1.2bln)
- USD/JPY: Jan29 Y155.00($1.2bln)
- AUD/USD: Jan28 $0.6300(A$1.5bln)
- USD/CAD: Jan29 C$1.4500($1.1bln)
OUTLOOK: Price Signal Summary - Short-Term Bull Cycle In Gilts Remains Intact
Jan-27 12:20
- In the FI space, the pullback from recent highs in Bund futures appears corrective and a short-term bull cycle is in play for now. The Jan 15 rally highlighted a reversal signal - a bullish engulfing candle. It continues to suggest scope for a corrective phase that is allowing an oversold trend condition to unwind. Sights are on 132.15, the 20-day EMA. A clear breach of the average would strengthen the bullish theme. The bear trigger is at 130.28, the Jan 15 low. Initial support lies at 131.00, the Jan 16 / 24 low.
- The medium-term trend condition in Gilt futures remains bearish. However, recent gains continue to highlight a corrective phase and signal scope for a continuation higher near-term. The focus is on 92.75, the 50.0% retracement of the Dec 3 - Jan 13 bear leg. Initial support is at 91.10, the Jan 20 low.
EQUITIES: 32% of The S&P 500 Set to Report This Week
Jan-27 12:13
Executive Summary:
- 31.6% of the S&P 500's market cap set to report earnings this week
- Highlights this week include Microsoft, Meta Platforms, Tesla Apple and Visa
- Tech names in particular focus given their exposure to AI spending, and Monday's equity price weakness
Full schedule including EPS, revenue expectations and timings here: MNIUSEARNINGS270125.pdf
