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Ottawa and Alberta Strike Pipeline Deal

Alberta and the federal government of Canada finalized a landmark agreement on Friday in Calgary, establishing a clear timeline for a proposed oil pipeline to the West Coast, with construction potentially starting by September 1, 2027.

The deal, signed between Alberta Premier Danielle Smith and Prime Minister Mark Carney, marks a pivotal advancement in energy infrastructure collaboration between the province and Ottawa.

Under the terms, Alberta aims to submit a formal proposal for the pipeline to Ottawa’s major projects office by July 1. The federal government then has until October 1 to determine if the project serves the national interest, with a final approval decision slated for no later than September 1, 2027. If all goes as planned, the pipeline could be operational by 2033 or 2034, according to Alberta’s estimates.

You can read more on the matter here.

What’s going on?

• Pipeline Race Puts Canada On The Clock As UAE Announces 2027 Build Up (theDeepDive)

• Gas prices in Canada inching closer to an all-time high amid Iran war (GN)

• Trump Refuses to Commit on Taiwan, Xi Signals Risk of Clashes (theDeepDive)

• Major VPN provider says it could leave Canada over lawful access bill (BNN)

• The Risk Question Inside CBC’s Counting Coup Prank Show Dispute (theDeepDive)

• Russian missiles used in deadly strike were built this year with western parts, says Ukraine (FT)

• Carney Claims Canada Has “Some Of The Cheapest Gas In The World”, But Is It True? (theDeepDive)

• Israel, Lebanon Extend Ceasefire 45 Days After Washington Talks (Bloomberg)

• Ethics Filing Reveals President Bought AI Chip, Defense Stocks Days Before Favorable Administration Decisions (theDeepDive)

• 20 People in Japan Died After Taking Amgen Drug (WSJ)

• Africa CDC Signals Alert On Ebola Outbreak In DRC; Deaths At 65 (theDeepDive)

What’s the latest?

• SpaceX: SpaceX is reportedly targeting an IPO pricing date as early as June 11, with plans to list on the Nasdaq and begin trading as soon as June 12, according to Reuters sources. The company has accelerated its timeline after what was described as a faster-than-expected SEC review, moving up plans that were originally expected for late June. The blockbuster listing could position SpaceX for early inclusion in the Nasdaq 100 index and marks one of the most anticipated IPOs in years.

• Fuel Tax: Christine Fréchette announced that Quebec will reimburse farmers for fuel taxes tied to the province’s carbon market, with more than 15,000 farmers set to receive part of an $87 million support package covering 2026 and 2027. The move responds to long-standing pressure from the Union des producteurs agricoles, which argued farmers were paying too much into the cap-and-trade system compared to the support they received for climate adaptation and competitiveness.

• Energy: China and the United States have helped stabilize global oil markets during the Iran war by offsetting much of the supply lost from the Strait of Hormuz blockade. China sharply reduced oil imports while the U.S. boosted exports and tapped reserves, together compensating for roughly 70% of the disrupted Persian Gulf supply. Despite the largest oil supply shock in history — around 10 million barrels per day — crude prices have remained near US$100 per barrel instead of surging much higher, though analysts warn U.S. inventories may come under increasing pressure if the disruption continues.

• Economy: The Canadian dollar fell to a one-month low on Friday, weakening to around 72.81 U.S. cents as the U.S. dollar strengthened on expectations that the Federal Reserve could keep interest rates higher for longer or even raise them again. Rising oil prices above US$105 per barrel and growing inflation concerns also pushed global bond yields higher, while the loonie remained on track for its longest losing streak since January despite stronger Canadian housing and factory data.

• Markets: Canada’s main stock index fell more than 400 points in late-morning trading, led lower by weakness in base metal stocks, while U.S. markets also sold off sharply with declines in the Dow, S&P 500, and Nasdaq. The Canadian dollar weakened to 72.68 U.S. cents as oil prices climbed back above US$100 per barrel, while gold prices dropped significantly.

Why Copper Could Be Heading to a Price No One Is Ready For

The stock market and stuff

• Allied Gold Books $58.3M Q1 Loss, Adjusted Earnings Hit $48.6M Ahead of Zijin Takeover (theDeepDive)

• Amazon Cuts More Jobs in Seller Services as Tech Layoffs Surpass 45,000 (theDeepDive)

• Global bonds tumble on fears of inflation shock from Iran war (FT)

• 200 Jets, Not 500: Boeing’s China Deal Disappoints Wall Street (theDeepDive)

In the juniors

• Mako Mining’s Q1 Net Income Jumps to $23.1 Million (theDeepDive)

• Athena Gold Reports Further Encouraging Visual Results from Holes 2 and 3 at Laird Lake (JMN)

• Societe Generale Lands Lead Role on McEwen Copper’s $4 Billion Los Azules Financing (theDeepDive)

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