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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]
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.
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]
A chart showing the start price, end price, highs and lows of WTI oil prices for each year of the decade. By mid-January 2022, Reuters raised concerns that an increase in the price of oil to $100—which seemed to be imminent—would worsen the inflationary environment that was already breaking 30-year-old records. [122]
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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 ]
There is a myth perpetuated in Canadian media that Canadian WCS oil producers will have better access to “international prices” with greater access to tidewater, [59] however, this claim does not take into account existing access. Shipments to Asia reached their peak in 2012 when the equivalent of nine fully loaded tankers of oil left ...
An OHLC chart, with a moving average and Bollinger bands superimposed. An open-high-low-close chart (OHLC) is a type of chart typically used in technical analysis to illustrate movements in the price of a financial instrument over time. Each vertical line on the chart shows the price range (the highest and lowest prices) over one unit of time ...