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Western Canadian Select (WCS) is a heavy sour blend of crude oil [1] that is one of North America's largest heavy crude oil streams [2] and, historically, its cheapest. [3] It was established in December 2004 as a new heavy oil stream by EnCana (now Cenovus), Canadian Natural Resources, Petro-Canada (now Suncor) and Talisman Energy (now Repsol Oil & Gas Canada). [4]
The oil prices were seen rising to hit $71.38 per barrel in March 2021, marking the highest since the beginning of the pandemic in January 2020. [116] The oil price rise followed a missile drone attack on Saudi Arabia's Aramco oil facility by Yemen’s Houthi rebels. [117] The United States said it was committed to defending Saudi Arabia. [118]
In contrast, WCS is a heavy crude oil with an API gravity level of 20.5°." [6] The Canadian Crude Index (CCI) serves as a benchmark for oil produced in Canada. [7] It allows investors to track the price, risk and volatility of the Canadian commodity. [7]
why is wcs under pressure? WCS for delivery at the Hardisty, Alberta, hub is trading close to $30 a barrel under WTI, having averaged $16.67 a barrel below WTI for the first three quarters of 2022.
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By February 2016 the price of Western Canadian Select WCS—the Alberta benchmark heavy crude oil—was US$14.10 [19] [20] —the cheapest oil in the world. [21] Alberta boom years from 2010 to 2014 ended with a "long and deep" recession that began in 2014, driven by low commodity pricing ended in 2017. [ 22 ]
A candlestick chart (also called Japanese candlestick chart or K-line) is a style of financial chart used to describe price movements of a security, derivative, or currency. While similar in appearance to a bar chart, each candlestick represents four important pieces of information for that day: open and close in the thick body, and high and ...
According to a Statistics Canada 2006 report, this extremely high level of activity has caused a severe labor shortage in Alberta and driven unemployment rates to their lowest level in history – the lowest of all 10 Canadian provinces and 50 U.S. states. [7] This is the main factor limiting growth of oil sands production in the WCSB.