Trudeau’s Delayed Pipeline Is Weighing on Canada Oil Prices
- Oil producers ramped up output amid Trans Mountain expansion
- Postponed startup leaves drillers searching for pipeline space
Construction on the Trans Mountain Pipeline expansion project at the Burnaby Terminal tank farm in Burnaby, British Columbia, Canada, on Monday, March 27, 2023. The delayed startup of the Canadian government-owned pipeline expansion project is weighing on the country’s heavy crude prices.
Photographer: Darryl Dyck/BloombergThis article is for subscribers only.
The delayed startup of a Canadian government-owned pipeline expansion project is weighing on the country’s heavy crude prices after producers ramped up output before the new capacity to export it has come online.
Heavy Western Canadian Select crude’s discount to West Texas Intermediate grew $2.25 to $27.30 a barrel on Thursday, the widest since Dec. 30, data compiled by Bloomberg show.