The Wall Street Journal has a story today showing signs that capital spending plans in the Canadian oil patch.

Part of the reason is that new sources of US production are crowding out some of the investment.

On Thursday, Suncor Chief Executive Steven Williams told investors the company is reviewing three mining-related projects it has proposed with Total. Two of those projects—the Joslyn and Fort Hills mining projects— still seem economically viable at some point, Mr. Williams said. But a third—an upgrader—now looks “challenged” because of the new oil production in the U.S., he said.

There was also Canadian oil company that took over a US producer after the close on Thursday for $784-million, adding a USD/CAD positive flow.

It would be wrong to write off Canadian energy at this point because China and Malaysia have just attempted nearly $20B in acquisitions with much more rumored in the pipeline but it does raise the stakes if those takeovers are rejected by the government.