Coming today: The Nebraska Public Service Commission is slated to make a decision on the Keystone XL oil sands pipeline.
Via the Associated Press, "The simplest choice is a yes-or-no vote on TransCanada's 'preferred route' through a dozen Nebraska counties. But the commission could include major caveats that would add years to the project's timetable."
- Quick context: The Trump administration has already approved the proposed pipeline to bring crude oil from Canada's oil sands to U.S. refineries, reversing former President Obama's rejection. But developer TransCanada has not yet decided whether the project's economics still make sense.
ConocoPhillips: CEO Ryan Lance tells the Financial Times that the big U.S.-based company won't invest in new projects that require oil prices of $50 per barrel or higher to make a profit, and that the company is targeting most of its growth capital on U.S. shale projects.
Markets: Reuters reports that crude markets are "tepid" thus far today because traders are "reluctant to take on big new positions ahead" ahead of the Nov. 30 OPEC meeting where ministers will weigh the future of the OPEC/non-OPEC production limiting deal.
- Crystal ball: According to their piece, a new Morgan Stanley note says, "the market expectation is for an extension through 2018...[but] there is increased risk that OPEC delays the extension decision."
- PVM Oil Associates analyst Tamas Varga tells Bloomberg: "It is widely believed that OPEC, together with 10 non-OPEC countries, will roll over their production for the whole of 2018."
Transparency: A piece published by the center-left think tank New America looks critically at the Trump administration's recent decision abandon full implementation of Extractive Industries Transparency Initiative standards.
- Noting that the U.S. still plans to back other nation's transparency efforts, the piece states: "In light of the United States' withdrawal, this form of development aid smacks of hypocritical paternalism and flawed diplomacy."