RBC Capital Markets notes that the highly anticipated decision on the Keystone XL pipeline, which would carry Canadian oil to US refineries, has been delayed again, and prospect of an approval by year-end appears slim. Firm says the delays have pushed producers toward alternative solutions, most importantly rail shipments, which have absorbed a surprising amount of capacity. "While Keystone XL is still a very relevant and important project, it no longer appears to be as crucial as it once did to shaping Canada's energy export future," RBC says, concluding that its impact on CAD has thereby likely diminished. The situation remains fluid, however, as tougher oil-by-rail rules introduced by Canada earlier this week could put the pressure back on pipelines.
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