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Kinder Morgan Fell for the Fourth Straight Week, Down 5% in 2018

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Kinder Morgan Fell for the Fourth Straight Week, Down 5% in 2018 PART 1 OF 3

Kinder Morgan Fell for the Fourth Straight Week, Down 5% in 2018

Kinder Morgan fell 1.5%

Kinder Morgan (KMI) fell 1.5% in the week ending February 9, 2018. The stock fell for the fourth consecutive week. Kinder Morgan stock has fallen 12% from its January 2018 high of $19.63. Kinder Morgan has fallen 5% year-to-date. Broader markets continued to bleed last week and fell nearly 5%. Crude oil prices also fell 9.5% for the week. To learn more about the factors that impact crude oil prices, read Crude Oil Prices Are near 2018 Lows.

Kinder Morgan Fell for the Fourth Straight Week, Down 5% in 2018

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The above graph compares Kinder Morgan stock with ONEOK (OKE), Enterprise Products Partners (EPD), the Energy Select Sector SPDR ETF (XLE), and crude oil last week. Enterprise Products Partners and ONEOK fell 4.1% and 5.9%, respectively, last week. XLE was down 8%.

Update on the Trans Mountain project

According to a Reuters report dated February 9, 2018, Kinder Morgan Canada Limited wrote a letter to British Columbia related to the latter’s proposed plans to block increased crude oil shipments through the province. According to Reuters, the letter detailed the reviews already undertaken for the project. The letter suggested that the newly proposed rules conflict with the review processes completed for the federally approved project.

Notably, Kinder Morgan has deferred a significant portion of construction capital expenditures for the project until clarity on the permitting process emerges.

To learn more about controversies related to Trans Mountain and other major pipeline projects, read Controversy in the Pipeline: The Top 5 Hot-Button Projects.

Next, we’ll discuss what Kinder Morgan’s moving averages indicate. We’ll also discuss analysts’ recommendations for the stock. Later, we’ll take a look at the changes in Kinder Morgan’s short interest.

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