Post by
lovehockey on Aug 03, 2022 10:34am
Canadian energy sector will be in pain until Dec
SPR releases will be 95% sour oil. It directly competes against WCS. Unfortunately out of 180 mln barrels planned to be released only 80 mln have been released. Biden's administration has 100 million more barrels to flood American energy market. That is a lot. I am personally not selling and instead spending every cent into buying more. We will have amazing 2023 but for now it will be 3 to 4 months of pain.
Comment by
MLEWICKIMBA on Aug 03, 2022 10:43am
Is there a report that states that because i saw a report saying 120M already released.
Comment by
lovehockey on Aug 03, 2022 10:49am
Yes, they started releasing SPR in Dec 2021, so some of these barrels were released prior to approval of 180 mln barrels. It sounds about right that 40 mln were released from Dec 2021 to May 2022. Nevertheless they still have 100 mln barrels to dump. They can lower WC to$40 with this amount.
Comment by
ComradeKomissar on Aug 03, 2022 7:15pm
If you read the transcript of MEG conference call, their CEO attributes 2/3ds of the WTI-WCS decline to Asia pivoting to Russian crude, causing too much WCS product to accumulate in the Gulf.