March 17, 2025 11:57 GMT
OIL: TMX Exports Averaging Record Pace in March
OIL
TMX crude exports out of Vancouver have averaged at an all-time high pace this month since the facilities expansion came into place last June Kpler tracking shows. The increased pace has supported a tighter WCS-WTI spread despite tariff threats.
- Westridge Terminal over the first 10 days of March exported above 550 kbd, with all cargoes expected to go to either China or the US West Coast.
- If signalled loadings take place, March’s pace is set to average well above 500 kbd.
- The latest official data from Alberta Energy Regulator indicates that the region’s crude oil production, which feeds the TMX pipeline, registered another seasonal high in January.
- Flows to the U.S. West Coast risk being impacted by U.S. tariffs on Canadian energy if they are enforced. President Donald Trump granted temporary tariff exemptions for Canadian and Mexican goods covered by the North American trade agreement known as USMCA until April 2.
- Despite tariff threats, WCS vs WTI diffs have been tightening since last June due to the TMX ramp up.
- WCS less WTI diffs via bbg:
- 03/14/25: $10.40
- 03/14/24: $15.30
- 03/14/23: $16.90

Source: Kpler
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