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Canadian Crude Prices at Vancouver Strengthen upon TMX Start

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Energy BulletsHomepagemarkets-real-timeBulletCommoditiesCanada Bank of Canada Market News

Canadian heavy crude discounts to WTI have narrowed in Vancouver following the startup of the expanded 890k b/d Trans Mountain pipeline, traders told Bloomberg.

  • The discount has shrunk from $7.50/b to around $6/b for deals that were struck in mid-May, Bloomberg said.
  • However, the discount may have since widened to around $6.5/b as the West Canadian Select discount at Hardisty widened to its largest since mid-April on June 3.
  • Around 75% of TMX’s capacity will be utilised in June, with 22 tankers due to load during the month. This is almost all the contract volume capacity, plus some spot demand.
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Canadian heavy crude discounts to WTI have narrowed in Vancouver following the startup of the expanded 890k b/d Trans Mountain pipeline, traders told Bloomberg.

  • The discount has shrunk from $7.50/b to around $6/b for deals that were struck in mid-May, Bloomberg said.
  • However, the discount may have since widened to around $6.5/b as the West Canadian Select discount at Hardisty widened to its largest since mid-April on June 3.
  • Around 75% of TMX’s capacity will be utilised in June, with 22 tankers due to load during the month. This is almost all the contract volume capacity, plus some spot demand.