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Phillips 66 Sees TMX Reaching 700k b/d Capacity by Year-End

OIL

The expanded TMX pipeline is currently transporting around 650k-670k b/d of Canadian crude oil and should reach 700k b/d by the end of the year, VP executive of marketing and commercial Brian Mandell said, cited by Bloomberg.

  • Around two thirds of incremental volumes are going to Asia, with the other third headed to the US.
  • This is a ‘bit of a surprise’ as Phillips 66 expected most of the volume to be heading to the US.
  • P66 is taking TMC crude to the Ferndale and LA refineries on the USWC.
  • The company also expects Canadian crude oil production to raise by 200k b/d by end-2024, putting pressure on prices and widening price differentials.

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