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Trans Mountain pipeline seen driving Canadian oil to three-year high - BNN Bloomberg

BNN Bloomberg · last updated

Trudeau’s Trans Mountain Pipeline Seen Driving Canadian Oil to Three-Year High - Bloomberg

Trans Mountain Pipeline Seen Driving Canadian Oil to Three-Year High

- Trans Mountain startup may overlap with oil-sands maintenance
- US Midwest refiners rely heavily on Canada’s cheap crude

Construction on the Trans Mountain Pipeline expansion project at the Burnaby Terminal in the greater Vancouver area. Photographer: Paige Taylor White/Bloomberg

Canada’s relatively cheap heavy crude is set to spike temporarily in the coming months as a massive new export pipeline starts operations just as oil-sands companies curtail production.

Western Canadian Select’s discount to US benchmark West Texas Intermediate may shrink from its current level of about $17.10 per barrel to less than $10 a barrel between May and July, according to Jeremy Irwin, senior oil markets analyst at Energy Aspects. The last time the discount was in single digits was in April 2021.

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