The S&P/TSX Oil & Gas Storage and Transportation Total Return Index is down approximately 14.7% year-to-date (through April 26). Rising interest rates, larger than normal discounts for western Canadian natural gas and crude oil (particularly heavier crude oil), and various delays with new projects have all given analysts, pundits, and the media plenty of material to construct a negative narrative.

This article appeared in the Spring 2018 issue of our newsletter, “Interest Gained”. To read the full newsletter, please click here.