- President-elect Biden will cancel the Keystone Pipeline using an executive order during his first day in office
- Biden has said that the pipeline does not serve the "U.S. national interest," and onlookers expect the executive order will stick
- AEGIS notes that while the move may harm Canadian producers, U.S. producers will likely benefit from the reduced supplies from the Alberta oil sands and the price response
- U.S. Treasury Secretary Janet Yellen calls on lawmakers to "act big" on additional coronavirus relief spending
- At her confirmation hearing on Tuesday, Yellen said the benefits of a big stimulus package to counter the coronavirus pandemic were greater than the expenses of a higher debt burden
- The dollar slipped by 21 pips from its one-month high of $90.765 to $90.54 on Wednesday
- The new stimulus package is likely to affect oil prices on two fronts. The first being that the additional income could help spur consumer spending. Additionally, the increased fiscal spending will likely drive the dollar even lower, helping to support oil prices