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TMX Delays Weigh on Canadian Crude Prices

OIL

Canadian oil producers are preparing for further delays to the Trans Mountain Pipeline expansion (TMX), weighing on crude prices, according to Reuters.

  • The project faces further delays of up to 59 days if a pending variance request is rejected by the regulator. The current target for operations to begin in late Q1 2024.
  • Western Canada Select heavy crude grade is currently at a $23/b discount to WTI, widening from the average of $8/b, according to Reuters citing CalRock brokerage. It added that Light synthetic crude is at its deepest discount to WTI since 2020.
  • Oil producers have ramped up production in anticipation of the 590k b/d rise in capacity, triple current levels. Once operational, the TMX will increase demand bottlenecks that Canadian crude is currently facing.
  • Canada is expected to increase production by a further 375k b/d in 2023 and 2024 and drill 8% more wells in 2024.
Energy BulletsCanada Bank of Canada Market NewsCommodities
Energy BulletsCanada Bank of Canada Market NewsCommodities

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