Why Is Canadian Crude Selling For $20?
The oil industry in Alberta is losing $100 million a day because the price of oil from that region is trading significantly lower than the WTI counterpart.
Due to pipelines being maxed out and refineries in the United States shutting down, the price of Canadian oil dropped into the low 20s last few weeks. This was at a time when the WTI price was over $70.
With the recent drawdown in price on that index into the mid 60s, the spread is hovering around $45.
Canadian oil is a lot heavier than WTI crude meaning it has a lower value. It requires more refining which bumps of the cost of turning it into gasoline. The over capacity of the pipelines has not helped matters any.
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