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Western Canada Select Diff Tightens on TMX Pipeline Opening

OIL

Canada’s long awaited TMX pipeline began official commercial operations May 1 but tankers will not be able to load crude from the line until later this month.

  • Line fill activities, which began on 16 April, are still ongoing. The line fill volumes are at about 70%.
  • "As of today, all deliveries for shippers will be subject to the Expanded System tariff and tolls, and tankers will be able to receive oil from Line 2 by mid-May," Trans Mountain said.
  • Argus reported that the first cargo from the line is booked for May 18 for an Aframax headed for China.
  • The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) tightened on Wednesday as the project opened as planned.
  • WCS for May delivery in Hardisty, Alberta, traded at $11.75/bbl below WTI, according to brokerage CalRock, after closing at $12.20/bbl below the benchmark on Tuesday.
  • The pipeline is expected to force US refiners to compete with international buyers for the volumes and narrow the discounts further.
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