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Global Markets: Canadian Government Moves To Ban Crude Tankers

By Commodity News Service Canada

WINNIPEG, November 17 – The following is a glance at the news moving markets globally.

FEDERAL GOVERNMENT MOVES TO BAN CRUDE OIL TANKERS IN BC
The federal government is following through on its election promise to ban crude oil tankers in Northern BC.

Prime Minister Justin Trudeau asked transportation minister Marc Garneau to formalize a moratorium on the tankers.

Some executives from the Canada’s oilpatch say the decision hurts the Northern Gateway pipeline’s chances of being built.

CHINESE COMPANY SIGNS CONTRACT TO BUILD GAS COMPRESSOR STATION
Shandong Electric Power Construction Corporation, a Chinese-based company, has signed a contract to build a gas compressor station to expand Saudi Arabia’s main gas pipeline, market watchers reported on Tuesday.

The project is expected to raise the system’s capacity from 8.4 billion cubic feet of gas a day to 12.5 billion cubic feet of gas a day by 2018.

US CONSUMER PRICES GAIN, DATA SHOWS
US consumer prices gained in October after two months of declines.

The consumer price index gained 0.2 per cent in October, which balanced out September’s 0.2 per cent loss.

The data supported market speculation that the US Federal Reserve could raise interest rates before the end of the year.

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