The blue-light special price for Canadian oil has reached ridiculous levels — and it’s getting worse.
The price for Western Canadian Select (WCS) crude fell to just US$26 a barrel on Thursday, while benchmark West Texas Intermediate crude closed at $71.98.
At one point, the price differential sat at US$52 a barrel, according to Bloomberg, and it didn’t get much better on Friday, with the discount closing at $48.50 a barrel.
“It’s a crisis,” Tim McMillan, chief executive of the Canadian Association of Petroleum Producers, said Friday.
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