Investors react negatively to US inflation data, causing TSX to fall
Canada's main index of stocks fell on Wednesday, part of a wider decline. Mixed U.S. data on inflation reduced expectations for a 50-basis point rate cut next week in the United States. At 10:19 am. The S&P/TSX Composite Index of the Toronto Stock Exchange was down 126.22 or 0.55% at 22,876.87 by 14:19 GMT. At least 10 sectors experienced declines.
Pucks and Pellets: Canada Eyes New Ways to Move Crude
Canada's biggest railroad says it is attracting interest from oil producers in its effort to move crude in solid, puck-like form, as clogged pipelines divert more oil to riskier rail transport.Congested pipelines have stranded much of Canada's crude in Alberta, driving discounts to record-high levels. Canadian heavy crude traded on Friday for less than one-third of the U.S.
Canada Oil Producers Fill Pipelines, Railroads
Canadian oil producers are running out of options to get crude to market as pipeline and rail capacity fills up, driving prices to four-year lows and increasing the risk of firms having to sell cheaply until at least late 2019. This will drive down the profit margins for the oil sands industry, already struggling to compete with cheaper and abundant supplies from U.S. shale.
Oil Spilled After U.S. Train Derailment
Canadian National Railway Co said about 20,000 gallons of oil was released following a freight train derailment at Plainfield, the U.S. state of Illinois on Friday, according to a filing with state pollution regulators. The cause of the derailment was unknown, a filing with the Illinois Emergency Management Agency said on Saturday. Local media reports estimated the spill to be 45,000 gallons.
TSX Rises as Railways, Pipelines Gain
Canada's main stock index rose on Wednesday, led by railway and pipeline stocks in a broad-based but relatively shallow recovery from Tuesday's slip. The most influential gainer on the index was Canadian Pacific Railway Ltd, which rose 5.5 percent to C$194.88 after the company made public a proposal to buy Norfolk Southern that it said could help it save $1.8 billion.
Train Lobby Pushes to Weaken Safety Rule
Billionaire investor Warren Buffett is set to be a chief beneficiary of a bid by Senate Republicans to weaken new regulations to improve train safety in the $2.8 billion crude-by-rail industry, a key cog in the development of the vast North American shale oil fields. A series of oil train accidents, including the July 2013 explosion of a train carrying crude in Lac-Megantic, Quebec, that killed 47 people, led U.S.
Canada Eyes Impact of Long Oil Trains on Railway Track Integrity
The Canadian transportation department is studying the impact of long oil trains on the integrity of railway tracks, Transport Minister Lisa Raitt said on Friday. Canadian National Railway Co suffered a string of derailments in February and March, including three along one section of its main route through northern Ontario, and Raitt told reporters research is one response.
New DOT Brake Rule Angers Rail Industry
U.S. regulators took on the powerful rail industry on Friday, announcing plans to require expensive, high-tech braking technology the railways insist is unproven and unreliable. Regulators say the new electronically controlled pneumatic (ECP) brakes could reduce the severity of crashes, preventing pile-ups. Canada has promised to "harmonize" its regulations with the United States. The U.S.
Canadian Regulator Seeks CN Rail Safety Plan After Derailments
Regulator Transport Canada has issued a notice to Canadian National Railway Co requesting a plan to ensure safety along the Ruel subdivision, where three trains derailed in fewer than 30 days in February and March, the railway said on Wednesday. The notice, given on March 12 but not previously reported, was given under the Railway Safety Act. CN Rail…
Some Oil Product Spills in Manitoba Derailment
Canadian National Railway Co said Thursday 13 train cars carrying refinery cracking stock, a petroleum product, derailed Wednesday night in rural Manitoba, and one car spilled some of the product onto the ground. The derailment was CN Rail's third in a week. On Saturday, an oil train derailed and burned in northern Ontario while a train hauling empty tank cars that had recently held hazardous liquids derailed last Thursday…
Fire Crews Still Battling Illinois Oil Train Blaze
Firefighters today were still working to extinguish several blazes that erupted when a BNSF Railway train loaded with crude oil derailed two days ago in a rural area south of Galena, Illinois, a local official said. The incident marked the latest in a series of derailments in North America involving trains hauling crude oil, heightening focus on rail safety.
Train Carrying Crude Oil Derailed in Northern Ontario
A Canadian National Railway Co train carrying crude oil has derailed near the Northern Ontario community of Gogama, with crews reporting a fire but no injuries, the company said on Saturday. CN said the derailment along its main line, which occurred just before 3 a.m. ET/0800 GMT on Saturday, is affecting rail traffic running between Toronto and Winnipeg, Manitoba. (Reporting by Jeffrey Hodgson; Editing by Catherine Evans)
Derailment Blocks CN Rail Main Line in Northern Ontario
A derailment has blocked Canadian National Railway Co's main line in northern Ontario, the railway said in a service bulletin on Thursday. In a separate statement CN said early indications were that most of the cars that may be involved were residue cars, tank cars that recently carried flammable liquids. There were no injuries, and no indication of any fire.
