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The BP Plc Whiting Refinery in Whiting, Indiana, U.S., on Sunday, Oct. 10, 2021. Oil demand is set to increase by an average of almost 4 million barrels a day in 2021 vs. a low, pandemic-driven 2020 level. , Bloomberg (Bloomberg) — 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. For years, Alberta’s oil sands producers blamed big discounts for Canadian heavy crude on the province’s lack of pipelines, forcing companies to sell at reduced prices locally. But a new export pipeline called Enbridge Inc.’s Line 3 that started operation last year has largely solved that problem. Instead, today’s growing price discount is related to a broader set of issues that Canada has less control over, according to traders. Maintenance and emergency shutdowns of major US refineries in the Midwest, including BP […]
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