11:59:19 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Husky Energy Inc
Symbol HSE
Shares Issued 1,005,121,738
Close 2018-10-29 C$ 18.27
Market Cap C$ 18,363,574,153
Recent Sedar Documents

FP/CP say CN, CP can't help oil storage shortage

2018-10-30 08:02 ET - In the News

See In the News (C-CNR) Canadian National Railway Company

The Financial Post reports in its Tuesday edition that RBC analyst Greg Pardy says in a report that Alberta oil is selling for discounts to United States benchmark prices for two reasons -- a lack of export pipeline space and barrels cannot go into storage in Alberta because there is no room left. A Canadian Press dispatch to the Post reports that Mr. Pardy says rail capacity is also full. The report states: "In the context of an estimated net supply imbalance of 160,000 to 185,000 barrels per day, we estimate that a 5-per-cent royalty holiday on Alberta's 3.8 million barrels per day (current estimate) of oil production could take about 190,000 bpd of oil temporarily off the market. Over the course of 3.5 months, this game plan could drain Western Canada storage levels by approximately 4.8 million to 7.4 million barrels, or 16 to 25 per cent of estimated operable storage, opening the door to spread normalization." The National Energy Board reported exports by rail rose to a record 229,544 bpd in August, up more than 11 per cent from 206,624 bpd in July and 91 per cent from just under 120,000 bpd in August, 2017. RBC estimates fourth quarter rail exports will be about 250,000 bpd.

© 2024 Canjex Publishing Ltd. All rights reserved.