Keystone XL may have become obsolete before it was even built, at least according to some sources close to TransCanada, which has gone on a hunt for clients. A Wall Street Journal analysis quotes these sources as saying Canadian producers and U.S. refiners are just not interested in the pipeline that is supposed to carry 830,000 barrels daily of Alberta heavy crude to Gulf Coast and Midwest refineries. This lack of interest seems to be driven by TransCanada’s quest for long-term commitments, with producers and refiners seemingly unwilling to make such commitments in the current price environment. Also, according to the WSJ, Canadian crude comes at a higher cost than alternative heavy crude blends, which is contributing to the lack of enthusiasm for long-term commitments. That is likely to change over the long term, however, when declining imports from Mexico and Venezuela will benefit Canadian crude. The company behind […]