RE:TMX openingMexico is reducing exports of their heavy Maya barrels to the US Gulf Coast refineries just as Canada starts finding new customers for their heavy oil. Canada will start shipping WCS to California or Asia next month. The highest price wins. The WCS WTI differential will be in the single digits by summer time.
https://www.rigzone.com/news/wire/mexico_curbs_oil_exports-02-apr-2024-176264-article/ https://www.reuters.com/markets/commodities/mexicos-pemex-cancel-up-436000-bpd-crude-exports-apr-document-2024-04-02/ The lower mainland near Vancouver are already seeing gas at over $2.10 / litre. Gas and diesel prices will be at record highs south of the border this summer. It will be fun to watch Biden squirm when he is asked to explain why he cancelled the Keystone pipeline. After US voter's wallets get emptied out this summer, they might think twice before voting this fall for another term of energy ignorance.
Who will benefit? Canadian heavy oil investors. Never too late to get a few more shares of ATH, BTE, CPG, CVE, MEG, SCR, TVE, etc. The fun is just starting.