Canadian heavy crude prices plunged to their biggest discount to futures since 2018 and, this time, the collapse has little to do with a shortage of pipelines.
Heavy Western Canadian Select’s discount to West Texas Intermediate widened $1.50 to $32.50 a barrel at Hardisty, Alberta, on Wednesday, the widest since November 2018, data compiled by Bloomberg show. That was just before massive pipeline bottlenecks prompted Alberta’s government to impose production caps on local oil companies.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.
Maintenance and emergency shutdowns of major US refineries in the Midwest, including BP Plc.’s Whiting and Toledo refineries, mean less Canadian crude can be processed in its biggest market. At the same time, shipping disruptions on the Mississippi River are sparking fears refineries will have to curtail operations because the fuel they make can’t be shipped down the river.
High natural gas prices make refining heavy and high sulfur crude oil more expensive, according to Vortexa data. At the same time, Canadian crude on the coast is exposed to discounted Russian barrels. India has cut its imports of Canadian oil by almost half since May as the country takes more Russian crude.Article content
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