Crude-by-rail traffic in Canada on Canadian National and Canadian Pacific rose 31% in the first quarter of 2013 compared to the same period last year, according to an analyst's report that cited AAR data. This trend is expected to continue even if the Keystone XL pipeline is approved, analysts said. "Canada -- and the wave of heavy oil -- is really part of the next frontier for crude by rail," said Steven Hansen, a Raymond James analyst.

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