RE:Inventories WCS is often affected by seasonality due to low winter months refinery utilization of roughly 85% vs 95% or more during the summer driving season. The latest report is showing a very low 80.6%, among other things, because of the shutdown of the largest 430,000 b/d refinery in the Midwest. According to BP it will restart operations ones they complete equipment inspection, hopefully before the end of this month, if all goes well.
Until then, share prices of heavy oil producers won't react to modest WTI fluctuations and will remain depressed. Why would one rush buying shares of a company selling its oil at a close to a $20 discount?
That discount would narrow to $10-$12 if TMX was in service easily pushing TVE to $4 and higher. Unfortunately, timing the completion of this project is impossible due to endless problems and delays.