The National Energy Board says crude-by-rail exports from Canada rose to a record 327,229 barrels per day in October. Canadian rail companies have had a good run this year but they will need a boost from Alberta oil in 2019 to keep the momentum going, according to analysts. Both Canadian National Railway Co. and Canadian Pacific Railway Ltd. stand to benefit if the Alberta government follows through with its plan to buy 7,000 rail cars to ship crude, National Bank of Canada analyst Cameron Doerksen wrote in a research note this week. National Bank lowered its price targets for both CN and CP to account for wavering investor sentiment that has U.S. and Canadian railroads trading at valuations well below the five-year trend. “While economic indicators are not pointing to an imminent recession, there is nevertheless prevalent concern about the state of the North American economy as 2018 draws to a close,” Doerksen wrote. Oil producers shipped a record 327,229 barrels of crude per day in October, the first time shipments surpassed the 300,000 mark, according to the National Energy Board’s monthly report on crude oil exports moved by rail. That’s more than double the 137,178 barrels per day […]
