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The Daley Note 11/6/2020

The Daley Note 11/06/2020

  • Trans-American Cash Flow Shrinking for TransCanada – TC Energy (TRP) reported 3Q20 earnings that beat consensus and East Daley’s estimates for the quarter by 2%. While the Keystone XL project grabs most headlines, the base Keystone pipeline drives incremental bearishness to our outlook in a $40/bbl WTI price strip. TRP
  • Northeast Constraints Lift Rover – The Rover Pipeline (owned 35% by Energy Transfer (ET) and 65% by Blackstone) has been flowing natural gas at or above nameplate capacity in recent months with spare Northeast takeaway scarce, a bullish market dynamic for the midstream pipes with unreserved capacity exiting the region. ENB, ET, KMI
  • Rig Activity Rises by 10 in Latest Week – Among midstream companies, Targa Resources (TRGP) is up 3.9 rigs across its Permian systems. DCP Midstream is down 1.7 rigs on its G&P systems in the Permian and Anadarko, and Western Gas Partners is up 1.9 on its Permian and Eagle Ford systems. DCP, TRGP, WES
  • North American Energy Indicators and Equity Prices
  • North American Natural Gas Prices
  • North American Crude Oil Prices
  • North American Natural Gas Liquids Prices