Wednesday: October 1st
Oil is on the slide as U.S. inventories build quicker than expected, slower economic activity in the United States and Asia persist, and the threat of further OPEC+ output cuts are expected to come in October.
The Alberta government is planning to spearhead a pipeline proposal for a new oil pipeline that will track through to the B.C. coast. The project will culminate the efforts of the provincial government, Alberta Machine Intelligence Institute, Enbridge, South bow and Trans Mountain. As of now, the Alberta government will not be committing to ownership of this project, nor will be expending significant capital. Rather, their aim is to shepherd the project forward and leave it available for private capital.
The U.S. government heads into a shutdown today as the Republicans and the Democrats failed to reach an agreement that would extend government funding past midnight on Tuesday. The longest shutdown in history was George Bush Sr's 35 days. History has shown that these shutdowns do very little to impact the long-term economic or markets trends.
TSX 60: 1,769.41
DJIA: 46,366.78
S&P: 6,664.92
Nasdaq: 22,530.94
Oil (WTI): 62.46
Oil slides to 17-week low on US and Asia economic worries, and expected OPEC+ production increase
Alberta plans to support proposal for new oil pipeline, Globe and Mail reports