Why Canadian heavy oil prices are falling faster than global crude benchmarks [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
Why Canadian heavy oil prices are falling faster than global crude benchmarks As oil price differentials rise, expect railway movements to hit new record highs of between 400,000 bpd and 500,000 bpd CALGARY – Canadian heavy oil prices are falling faster than global crude benchmarks as there is more oil in storage in Alberta now than six months ago when the provincial government took the unprecedented step of forcing domestic oil companies to slash output. “The global price showed incredible weakness,” said Kevin Birn, vice-president North American crude oil markets at IHS Markit. “In Western Canada, we have the compounding issues of infrastructure takeaway and the inevitability of the call on crude-by-rail. We should expect the price in Western Canada Select to weaken to reflect that,” Birn said. Indeed, the price for heavy oil in Canada fell more sharply this week than either the Brent or WTI benchmarks, which experts say is a reflection of ballooning oil storage within Alberta. A ba
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