The Trans Mountain oil pipeline expansion (TMX) was meant to shrink the discount on Canadian oil versus U.S. crude but three months in the differential is...
- The Trans Mountain oil pipeline expansion was meant to shrink the discount on Canadian oil versus U.S. crude but three months in the differential is wider than when commercial operations on the project started.
On earnings calls last week, Cenovus Energy and Canadian Natural Resources Ltd, both major shippers on TMX, blamed a number of factors. "Over the next little while I would say we expect Trans Mountain to continue to have its intended impact in Alberta and differentials to be as narrow as they have been in a long time," said Geoff Murray, executive vice-president of commercial at Cenovus.
Weak demand from major sour crude consumer China was also weighing on heavy oil grades globally, said Rory Johnston, founder of the Commodity Context newsletter, adding that expectations that expanding Trans Mountain would significantly narrow WCS differentials had been overdone. Goliath Drilling Confirms 100% Of The First 8 Holes Of 2024 Hit Significant Mineralization, 75% Of The Holes Contain Abundant Visible Gold Up To 1.3mm In Size, Surebet Discovery, Golden Triangle B.C.
WCS Commercial Operations Western Canada Select Canadian Oil Canadian Natural Resources Ltd Differential Heavy Crude West Texas Intermediate
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