MEG Energy Corp T.MEG

MEG (CNQ?) SELLS AWB To SINOPEC @ USD 4.50 Discount To BRENT

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- MEG has 20,000 barrels/day BOOKED CAPACITY on the TMX
&: 20000 bbls/d * 30 days = 600,000 barrels

- CNQ has 94,000 barrels/day BOOKED CAPACITY on the TMX
&: 94000 bbls/d * 30 days = 2,820,000 barrels

- ONLY MEG and CNQ PRODUCE Access Western Blend (AWB) barrels TRANSPORTED through the ACCESS PIPELINE 

- MEG (CNQ?) ROLLING IN THE CASH

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TMX crude active ahead of line fill: Correction

• Market: Crude oil
• 03/21/24

Corrects price of cargo in second paragraph.

A second cargo of Access Western Blend (AWB) has been heard sold to an Asia-Pacific buyer this week as Canada's long-delayed Trans Mountain Expansion (TMX) pipeline nears an expected second quarter start.

Unipec, the trading arm of state-owned Sinopec, was heard buying a 550,000 bl AWB cargo from TMX for June arrival, which was sold at less than $4.50/bl under August Ice Brent, though this could not be confirmed directly by Argus.

Earlier this week Sinochem was heard buying another 550,000 bl AWB cargo for June arrival at a $5/bl discount to August Ice.

Both cargoes were priced on a delivered ex-ship (des) basis, according to market sources.

The two cargoes represent a win for Canada's oil sands producers, who have been targeting a direct link to customers in Asia-Pacific. Heavy crude from Canada has previously had to travel through the US where it is re-exported at the US Gulf coast.

The federally-owned TMX line is still targeting an in-service date within the next three months, Trans Mountain's chief financial and strategy officer Mark Maki said on Wednesday.

Trans Mountain in late February made a call for a combined 4.2mn bl of crude from shippers starting in April as it prepares to fill the new pipeline, according to Canadian producer MEG Energy, a committed shipper on the line.

By Scott Phillips

https://www.argusmedia.com/en/news-and-insights/latest-market-news/2550553-tmx-crude-active-ahead-of-line-fill-correction

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