Sign Up for FREE Daily Energy News
Canadian Flag CDN NEWS  |  US Flag US NEWS  | TIMELY. FOCUSED. RELEVANT. FREE
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • youtube2
BREAKING NEWS:

Copper Tip Energy Services
Hazloc Heaters
Hazloc Heaters
Copper Tip Energy


$20 Oil? Welcome to Canada, Where Crude Prices Haven’t Recovered


English Español 简体中文 हिन्दी Português
These translations are done via Google Translate
Oct 11, 2018, by Kevin Orland
(Bloomberg)

Western Canada Select slumped below $20 a barrel on Thursday, the lowest in more than two years, continuing a brutal streak of declines for the country’s main grade of crude.

The drop has come as rising production from Canada’s oil-sands overwhelms the nation’s pipeline capacity, and as refinery capacity in the U.S. dwindles amid planned maintenance.

WCS has now declined for 10 of the past 13 trading days, sending its discount to West Texas Intermediate crude to $52 a barrel, the widest on record in Bloomberg data stretching back to 2008.

Sky Eye Measurement
GLJ

The situation worsened on Tuesday when a natural gas pipeline in British Columbia ruptured, forcing Washington oil refineries that are major buyers of Canadian crude to curtail operations.

GLJ
Sky Eye Measurement

Further Reading

As Canadian Oil Hits New Lows, a Look at Possible Solutions Alberta Eyes Help for Energy Industry Amid Canadian Crude Rout  Global Oil Industry Recovery Skips Canada Amid Pipeline Shortage



Share This:



More News Articles


GET ENERGYNOW’S DAILY EMAIL FOR FREE