|Bid||45.10 x 1000|
|Ask||49.70 x 1100|
|Day's Range||47.68 - 48.15|
|52 Week Range||32.37 - 57.92|
|Beta (5Y Monthly)||0.74|
|PE Ratio (TTM)||17.27|
|Forward Dividend & Yield||2.43 (5.04%)|
|Ex-Dividend Date||Sep 29, 2020|
|1y Target Est||N/A|
(Bloomberg) -- Oil pared gains as investors assessed a government report that showed a decline in U.S. crude inventories, yet an increase in refined product supplies.U.S. benchmark crude futures closed at the highest in five months, but eased off session highs following Energy Information Administration data that showed gasoline and distillate stockpiles increased by a combined 2 million barrels as the summer driving season nears its end. The recovery in gasoline demand has stagnated, with deliveries stuck around 8.6 million barrels a day, close to 10% down on year-earlier levels.Still, domestic crude stockpiles fell to the lowest since April, with shipments from Saudi Arabia declining to the second-lowest on record.“The clock’s running out on drawing crude inventories down,” said Bill O’Grady, executive vice president at Confluence Investment Management in St. Louis. “It happens pretty much every year, but this year it’ll be a bigger problem,” given depressed demand.After rebounding from a plunge below zero in April, crude’s rally has stalled as the resurgence of the coronavirus pandemic weighed on the outlook for a swift demand recovery. U.S. benchmark futures fluctuated in a tight trading range near $40 a barrel since June.“Given OPEC+ will continue to match its sequestered supply to the growing demand and coronavirus risks still remain a major global demand risk factor, a sustained breakout” for West Texas Intermediate futures into a higher trading range of $45 to $50 a barrel “is unlikely this year,” Bart Melek, head of global commodity strategy at TD Securities, said in a note.The 3-2-1 refining margin for combined gasoline and diesel against WTI -- a rough profit gauge for processing a barrel of crude -- ended the session below $10 a barrel for the second consecutive day. The measure is at its lowest seasonal level in nearly a decade as the pandemic keeps Americans off the road during the normally busy summer driving season.Meanwhile, American shale drillers have signaled the end of output growth, with Diamondback Energy Inc.’s chief executive officer saying there are currently no market signals that such growth is needed.U.S. crude production ticked lower by 100,000 barrels a day last week, the EIA data showed.Domestic oil producers “indicated that they’re going to be disciplined, and not necessarily grow production, which will be beneficial for oil prices in the longer term,” said Rob Thummel, portfolio manager at Tortoise.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- TC Energy Corp. has reached agreements with four labor unions to build the controversial Keystone XL oil pipeline -- a move that could amplify political pressure on Joe Biden, who has threatened to rip up permits for the project even as he courts blue-collar workers.The labor agreements being announced Tuesday help pave the way for 2,000 unionized workers to begin building some of the project’s 28 planned pump stations in the U.S. this fall -- even while TC Energy continues to seek other permits to begin constructing the pipeline itself -- according to Senior Vice President Richard Prior. TC Energy is already building the Canadian portion of Keystone XL, aiming to start shipping crude in 2023.U.S. politics have whipsawed the project for more than a decade, with former President Barack Obama rejecting an essential border-crossing permit in 2015, only to have President Donald Trump approve it two years later. The Supreme Court dealt Keystone XL another setback last month, when it left in force part of a lower court order blocking an Army Corps of Engineers authorization for all of Keystone XL’s planned U.S. water crossings, forcing TC Energy to seek individual permits instead.In May, the Biden campaign released a statement saying the Democratic nominee would rescind Keystone XL’s presidential permit “and stop it for good.” A campaign spokesman confirmed Biden’s position on Tuesday.Prior stressed that the agreements would ensure higher wages for specialized union workers at a time when Covid-19 is walloping the U.S. and Canadian job markets.TC Energy reached the labor agreements with four major pipeline unions:Laborers International Union of North AmericaInternational Brotherhood of TeamstersInternational Union of Operating EngineersUnited Association of Union Plumbers and Pipefitters.TC Energy will spend approximately $10 million underwriting renewable energy jobs training and is committing to employ Native American, veteran and local and diverse businesses, Prior said.“The Keystone XL pipeline project will put thousands of Americans, including Teamsters, to work in good union jobs that will support working families,” said Teamsters General President Jim Hoffa in a statement.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
U.S. pipeline company Equitrans Midstream Corp said on Tuesday it still expects to complete the $5.4 billion Mountain Valley natural gas pipeline from West Virginia to Virginia in early 2021. Mountain Valley is one of several U.S. oil and gas pipelines delayed by regulatory and legal fights with environmental and local groups that found problems with federal permits issued by the Trump administration. Other projects similarly held up include TC Energy Corp's $8 billion Keystone XL crude pipeline and Energy Transfer LP's Dakota Access crude pipeline, which are still involved in court battles.