Canada's Trans Mountain oil pipeline expansion (TMX), which will nearly triple the flow of crude from Alberta to Canada's Pacific Coast beginning early next year, will shake up North America's supply by diverting barrels now mainly delivered to refiners and exporters in the U.S. Midwest and Gulf Coast. Its startup could add as much as $2 per barrel to prices paid by U.S. Midwest oil refineries that sit along Canada's existing main oil-export route. 'They will be competing for barrels that no longer transit through their region,' said a Calgary-based oil trader.
FILE PHOTO: A pipe yard servicing government-owned oil pipeline operator Trans Mountain is seen in KamloopsCALGARY - Canada's Trans Mountain oil pipeline expansion , which will nearly triple the flow of crude from Alberta to Canada's Pacific Coast beginning early next year, will shake up North America's supply by diverting barrels now mainly delivered to refiners and exporters in the U.S. Midwest and Gulf Coast.
The long-delayed and controversial Canadian government-owned C$30.9 billion TMX project is set to begin shipping crude early next year, although it could face up to nine months delay due to a last-minute proposed route change. Last December, a spill on TC Energy's 622,000 bpd Keystone pipeline drove the Canadian heavy crude discount to U.S. oil to more than $33 a barrel, more than double its typical discount.Having more Canadian export pipeline capacity means crude bottlenecks building up in the Alberta storage hub Hardisty should happen less often, reducing volatility and keeping prices steadier.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canada's Trans Mountain oil pipeline's faces hearing on route change disputeCanadian regulators on Monday kicked off a two-day hearing to weigh up a controversial route change request from the Trans Mountain expansion (TMX) project that has sparked Indigenous opposition and may lead to further delays for the key oil pipeline. After years of environmental opposition, regulatory hold-ups and ballooning costs, Canadian government-owned TMX is nearing completion and due to start shipping an extra 590,000 barrels per day of crude from Alberta to Canada's Pacific coast in the first quarter of 2024. Canadian producers are eagerly awaiting the increased export capacity that will open up access to markets in Asia and the U.S. West Coast and help support heavy oil prices.
Read more »
Canada's Trans Mountain oil pipeline's faces hearing on route change disputeBy Nia Williams CALGARY, Alberta (Reuters) - Canadian regulators on Monday kicked off a two-day hearing to weigh up a controversial route change ...
Read more »
Canada's Trans Mountain oil pipeline's faces hearing on route change disputeBy Nia Williams CALGARY, Alberta (Reuters) - Canadian regulators on Monday kicked off a two-day hearing to weigh up a controversial route change ...
Read more »
Canada's Trans Mountain pipe expansion to disrupt oil flow to US, boost pricesBy Nia Williams and Stephanie Kelly CALGARY (Reuters) - Canada's Trans Mountain oil pipeline expansion (TMX), which will nearly triple the flow of ...
Read more »
Two-day hearing begins over route change request from Trans Mountain expansion projectCanadian producers are eagerly awaiting the increased export capacity that will open up access to markets in Asia and the U.S. West Coast and help support heavy oil prices
Read more »
Trans-Mountain Pipeline faces hearing over construction around sacred lakeWatch Trans-Mountain Pipeline faces hearing over construction around sacred lake Video Online, on GlobalNews.ca
Read more »