Why Kinder Morgan Stock Rose 1.3% Last Week
KMI rose 1.3%
Kinder Morgan (KMI) stock rose 1.3% for the week ended December 1, 2017. In comparison, Enterprise Products Partners (EPD) rose 4.5% and ONEOK (OKE) rose 2.1% over the same period. The SPDR S&P 500 ETF (SPY) (SPX-INDEX) was up 1.6%, whereas the Energy Select Sector SDPR ETF (XLE) rose 2.7% last week. Crude oil prices were, however, down 1% for the week. Learn more about the latest factors impacting oil in Battle between Crude Oil Bulls and Bears Is Almost Here.
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The above graph compares KMI’s performance with peers last week. Kinder Morgan, along with the broader energy as well as the midstream sector, ended the week strong. Learn more about Kinder Morgan and its stock’s performance in What’s Impacting Kinder Morgan Stock?
Trans Mountain update
According to a Reuters report dated November 30, 2017, Canada’s federal government has supported KMI’s request to set up a process to resolve the company’s potential disagreements with provinces or municipalities over the Trans Mountain expansion project. The government has reportedly supported this through a statement to the NEB (National Energy Board).
On November 14, 2017, Kinder Morgan Canada Limited filed a second request with the NEB to set up a process to deal with any disagreements with provincial and municipal authorities relating to the Trans Mountain expansion project.
Let’s see what Kinder Morgan’s moving averages and its current valuation indicate in the next part of the series.