November 9, 2018 / 3:31 PM / 2 years ago

BUZZ-TransCanada, Canadian oil cos drop after U.S. judge halts Keystone XL construction

** Pipeline operator TransCanada’s shares slip 1.6 pct to C$51.40 after U.S. judge halts construction of its Keystone XL pipeline, in a blow to Canadian oil producers

** Keystone XL will carry heavy crude from Canada’s Alberta province to Steele City, Nebraska, connecting key refining points in the U.S. Midwest and U.S. Gulf Coast, as well as export terminals in the Gulf

** Pipeline seen as boon to Canadian oil producers who have been battling tight pipeline capacity that has weighed on Canadian crude prices

** U.S. judge cites govt’s incomplete assessment of environmental impact of project, while U.S. President Donald Trump calls decision a disgrace

** Cenovus Energy Inc down 4 pct, Canadian Natural Resources Ltd 3.6 pct, Husky Energy Inc 2.3 pct, Suncor Energy Inc 2.2 pct, Encana Corp 2.2 pct

** Stocks also pressured by drop in crude oil prices on worries over surging production and lowering demand

** Including session losses, TransCanada down ~16 pct YTD

Reporting by Debroop Roy in Bengaluru

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below