WCS -- Due for a correction upwardEven where it is and with the CAD it is not that bad but not as good as Q3 but still ok. Canadian firms got better at exporting and Iran has stagnated as reported. Venezuela will also not perform like the USA wants and Mexico is gearing up for the next stage of their new mega refinery. China also will have continued strong demand as this year the China New Years event will not be impeaded like last year.
ATH should be rewarded for what they have accomplished to date in 2023. 4.15 is too low. I expect some improvment in the WCS price mid November.
And when there is a hint of TMX conclusion then the trajaectory will begin.
Put the noise away. OPEC will keep their cuts as lomg as possible especially given that 2024 is an election year and the FEAR of TRUMP is Real. OPEC needs another year of 90+ so all of those countries including Russia can shore up their balance sheets and budgets.
Will be an interesting November.
ML