The bank is watching U.S. oil demand trends closely for direction to gauge whether the U.S. employment outlook and car sales will pick up during next year.
Kinder Morgan Energy Partners LP has set forward plans to gauge the possible expansion of its Edmonton to Vancouver pipeline and the related port facilities for overseas oil exports.
The stock move was echoed by similar gyrations in other markets, where oil momentarily lost 0.7% before recovering, and the CBOE Market Volatility Index, the "fear gauge" known as the VIX, spiked 9% before falling back to its level just a few minutes earlier, down 5% on the day.