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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 price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil, Isthmus, and Western Canadian Select (WCS).
The price gap between West Texas Intermediate oil ($85/bbl) and Western Canadian Select heavy crude ($65/bbl) with the price of upgraded synthetic oil surpassing WTI when supply falls (before being upgraded to synthetic crude, heavier oil produces fewer barrels of oil per metric ton than lighter oil).
British Columbia and Manitoba also supply energy to western and Midwestern regions of the US. About 30 states receive some of their electricity from Canada, according to Canadian government data.
Edmonton Par and Western Canadian Select (WCS) "are benchmarks [sic] crude oils for the Canadian market. Both Edmonton Par and WCS are high-quality low sulphur crude oils with API gravity levels of around 40°. In contrast, WCS is a heavy crude oil with an API gravity level of 20.5°." [6]
To create a price representative of Canadian crude the index uses two futures contracts: A fixed price contract, which represents the price of crude oil at Cushing, Oklahoma, and a basis differential contract, which represents the difference in price between Cushing and Canada. [5] Both contracts are priced in U.S. dollars per barrel.
[4] The price of oil in Oklahoma fell and the price of gasoline in the USA Midwest increased. [4] [5] The price of Western Canadian Select, the heavy crude oil from western Canada refined at the Whiting refinery, fell to $20/bbl - its lowest price in nine years, causing the Canadian oil to be redirected into oil storage at the Oklahoma storage ...
The Signature Select Canadian Fund (Trades, Portfolio), part of CI Investments Inc., released its semi-annual portfolio this week, listing 20 new positions. Warning! GuruFocus has detected 2 ...