Pipeline bottlenecks push Canadian oil price to deepest discount in 4 years [CBC (Canadian Broadcasting Corporation)]
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Source: CBC
Pipeline bottlenecks push Canadian oil price to deepest discount in 4 years Canadian oil selling for just $30 a barrel, even as West Texas Intermediate nears twice that price The price gap between the price of Canada's oil benchmark versus its U.S. equivalent, West Texas Intermediate, has widened to its biggest difference in almost four years, with Canadian crude is now selling at a $25 discount. The heavy oil coming out of Alberta's oilsands is known Western Canada Select. It usually trades at a discount to the better known U.S. benchmark, West Texas Intermediate, in part because it is more difficult to process. But this week, the gap expanded to more than $25 US a barrel, due to transport bottlenecks on pipelines and by rail. Most Canadian oil is shipped down to refineries on the U.S. Gulf Coast to be refined into usable products like gasoline, diesel and jet fuel. That means Canadian producers have to compete with U.S. shale oil companies, who also sell to those same refineries and
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