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.
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.
https://www.cnn.com/2020/04/20/investing/premarket-stocks-trading/index.html
Apparently, gas prices in Edmonton are at 57.9 cents per litre.
If this guy is even half right we’ll soon be seeing the absolute absurdity of building TMX or any other oil infrastructure.