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Canada Heavy Sour Crude Prices Fall on TRX Delay

OIL

The 590,000 bpd Trans Mountain Pipeline expansion will now be completed in the second quarter at the earliest due to complications while pulling a pipe through a tunnel section.

  • The complications emerged January 25-27.
  • Heavy sour crude prices at Hardisty, Alberta, fell Monday on the delay.
  • March-delivered Western Canadian Select (WCS) at Hardisty, Alberta, was talked at near an $18/bl discount to the Nymex WTI calendar month today, about $2/bl wider than the session before according to Argus.
  • It comes shortly after the Trans Mountain Pipeline was given approval for a smaller diameter pipeline.
  • Trans Mountain said last week that line fill could be completed in late March or early April, but that schedule now appears to be unlikely due to the latest setback.
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