Prices for Canadian heavy oil increased, and the WCS-WTI differential narrowed, in April in anticipation of the start-up of the pipeline expansion.
Despite being more than a decade in the making, it was a muted opening for the Trans Mountain pipeline expansion as the line started up Wednesday. Breanna Karstens-Smith looks at the impacts to Albertans.“It is great for industry and Canada to have that tremendous asset available,” said MEG’s vice-president of marketing Erik Alson during a conference call with analysts to discuss the company’s first-quarter earnings.
Rising oilsands production and limited pipeline space in the fall of 2018 caused Canada’s heavy oil benchmark price, known as Western Canada Select, to sell at nearly US$50 per barrel below the U.S. benchmark West Texas Intermediate. The government of Alberta ended up curtailing oil production in the province for a time to address the problem.
“With this critical infrastructure now complete, we anticipate light-heavy differentials will remain narrow for years,” he said. “As an industry, we have a history of filling available egress, and I think that will happen again over time,” he said.
Alberta Oil MEG Energy Pipelines Trans Mountain Canada Consumer Economy Environment Money
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MEG Energy says Trans Mountain expansion will boost Canadian oil prices 'for years'The recently completed Trans Mountain pipeline expansion will boost Canadian oil prices for 'years' to come, an executive with oilsands producer MEG Energy Corp. said Tuesday.
Read more »
Trans Mountain pipeline expansion will boost Canadian oil prices ‘for years’ to come, MEG Energy saysMEG’s vice-president of marketing said he expects the difference between the benchmark U.S. oil price and the price Canadian oil sands producers receive for their crude will remain narrow
Read more »
MEG Energy says Trans Mountain expansion will boost Canadian oil prices 'for years'CALGARY — Intermediate oilsands producer MEG Energy Corp. expects the recently completed Trans Mountain pipeline expansion will boost Canadian oil prices for years to come.
Read more »
MEG Energy says Trans Mountain expansion will boost Canadian oil prices 'for years'CALGARY — Intermediate oilsands producer MEG Energy Corp. expects the recently completed Trans Mountain pipeline expansion will boost Canadian oil prices for...
Read more »
Reliance Industries buys its first Canadian crude from Trans Mountain pipeline, sources sayReliance joins a growing group of Asian refiners in buying Canadian crude to be exported from the new pipeline which is scheduled to start transporting oil in May
Read more »
Reliance buys its first Canadian crude from Trans Mountain pipeline, sources sayExplore stories from Atlantic Canada.
Read more »