April 20, 2020

Remember “peak oil”?

From HuffPost Canada:

In a tweet late Sunday, Kenney shared a screenshot showing Western Canadian Select oil falling to minus-$0.01 per barrel.

However, as of Monday morning, Canadian oil prices appeared to be even lower, with finance blogs reporting that some Alberta oil was selling for as little as minus-$4.68 per barrel.

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  1. Yup – laws of supply and demand.

    Apparently those prices are for near term in May – while storage facilities are full and there’s no place to store the oil.
    (i.e. like a clearance sale to make room for June inventory!)
    Prices for June are higher.

    What’s happening: US oil prices plunged, falling below $0 Monday to $-37.63 a barrel. That’s the lowest level since NYMEX opened oil futures trading in 1983.
    The selloff can be attributed in part to market mechanics. The May futures contract for West Texas Intermediate, the US benchmark, is about to expire. Most investors are already focusing on the June contract, thinning out trading volume and feeding volatility, UBS analyst Giovanni Staunovo said.
    The June futures contract for WTI is trading around $22 per barrel, but that’s still sharply lower on the day. Brent crude futures, the global benchmark, fell 8% Monday to $25.81 per barrel.


    Apparently, gas prices in Edmonton are at 57.9 cents per litre.

  2. If this guy is even half right we’ll soon be seeing the absolute absurdity of building TMX or any other oil infrastructure.

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