Kinder Morgan rose 1% last week
Kinder Morgan (KMI) stock rose 1% during the week ending May 4. Kinder Morgan outperformed the Energy Select Sector SPDR ETF (XLE), which ended the week flat. Enterprise Products Partners (EPD) rose 0.9% for the week. ONEOK (OKE) rose 6% during the week due to strong 1Q18 earnings. Crude oil prices increased 2.4% last week. To learn about the factors that are driving crude oil prices, read Federal Reserve and US Supplies Affect Crude Oil Prices.
The above graph compares the performance of Kinder Morgan stock with its peers last week.
Trans Mountain expansion update
On May 3, Canadian Natural Resources (CNQ.TO) disclosed that it committed 75,000 barrels per day of capacity on Kinder Morgan’s Trans Mountain expansion project.
On April 26, the government in British Columbia requested a high court to clarify its authority over crude oil shipments passing through the province. The step will likely delay the outcome of discussions between the province and the federal government, which seem to have reached an impasse.
Enterprise Products Partners and Energy Transfer Partners (ETP) formed a joint venture last week to resume service on a pipeline. To learn more, read Race for Permian Continues, EPD and ETP Form New Joint Venture.
Next, we’ll discuss Kinder Morgan’s moving average to see what it says about the stock’s expected near-term performance.