Western canadian select crude oil prices
Make the oil prices page your own by installing the Free Oilprice App. Find us on:. No part of any data presented on this website may be re-published, re-displayed or otherwise re-distributed without the prior written consent of Oilprice. The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Q&A: How does Western Canadian Select oil pricing work?
The reality is much more complicated, according to NE2, a physical oil brokerage and derivatives exchange with operations in Calgary and Houston. Trading for commodities such as crude oil operates based on contract prices, typically for delivery in a given month.
WTI is typically quoted as a flat price per barrel for near-month delivery. Not great — but not negative. Yes it is, if the differential is higher than the average price.
We've sent an email with instructions to create a new password. Your existing password has not been changed. Subscribe to NEWS newsletters. You have activated your account, please feel free to browse our exclusive contests, videos and content. By checking this box, I agree to the terms of service and privacy policy of Rogers Media.
Sorry we could not verify that email address. Enter your email below and we'll send you another email. Contact Us Advertise With Us. Local Traffic Video News Tips.
Account Sign Out. Loading articles What is Western Canadian Select? How is WCS traded? All of which is to say, the calculation is a bit more complex than back-of-the-envelope math. Is it possible for WCS to trade at a negative price? This report by The Canadian Press was first published April 20, The Canadian Press. Latest Traffic. Latest Business. All rights reserved. Create a new password. Almost Done! It's Your Birthday! Send me a special email on my birthday. From Our Partners Send me alerts, event notifications and special deals or information from our carefully screened partners that may be of interest to me.
Breaking News Alerts Be the first to know! Get breaking news, weather and traffic stories in your inbox 7 days a week, 24 hours a day. I understand that I can withdraw my consent at any time. My profile. Thank you for signing up!
An error has occurred while trying to update your details. Please contact us. Use another account. Sign in to complete account merge. Sign in. Your password has been changed. Change password. You did it! Resend Email Verification. With your Rogers Media profile? You may have created a profile with another Rogers Media brand that can be used to log into this site.
Forgot your password? So sorry to see you go! Unsubscribe failed.
(2 Days Delay). Brent Weighted Average.
Energy cmegroup. CME Group is the world's leading and most diverse derivatives marketplace. Markets Home. Active trader.
The reality is much more complicated, according to NE2, a physical oil brokerage and derivatives exchange with operations in Calgary and Houston. Trading for commodities such as crude oil operates based on contract prices, typically for delivery in a given month.
Then came what looked like the deal of a lifetime: buying futures contracts on West Texas Intermediate for an. The company says it will transfer functions of the Calgary office, which employs about people, and its El Dorado, Ark.
Beyond the Negative Headlines: Oil Prices Aren't What They Seem
Husky Energy joined the initial four Founders in HMGP exclusively blends the crude super-stream to ensure a consistent high quality heavy crude product that is demanded by refineries. According to monthly data provided by the U. Energy Information Administration EIA , in "Canada remained the largest exporter of total petroleum to the United States exporting 3, thousand bpd in September and 3, thousand bpd in October. Bitumen comprises all of Canada's unconventional oil , and is either upgraded to synthetic light crude , processed into asphalt or blended with other crudes and refined into products such as diesel, gasoline and jet fuel oil. Husky Energy joined the original four companies in
Western Canadian Select (WCS) crude oil weekly prices December 2019-May 2020
This copy is for your personal non-commercial use only. This week, the entire structure shook when the benchmark oil price for North America became so cheap that it went into the negative price range in future markets. With WTI dropping so low in future trading — meaning contracts trading based on future need, and in this case, for May — Western Canadian Select WCS also essentially went into the negative price range, since it is typically priced at a discount to WTI. On Tuesday, the price for WTI was able to crawl out of the negatives. There are two markets for oil: a spot market, where actual oil is sold, and a future market which WTI primarily trades in where a contract for upwards of 1, barrels could be agreed upon for a future date in the following month. This signals a backup in the entire system, all the way through to Alberta, said Richard Masson, an executive fellow at the University of Calgary School of Public Policy. Firms are moving to cut production, but that can only go down so much, especially in oil projects which would see oil reservoirs get damaged should they shutdown completely. Husky on Monday cut production by 80, barrels a day, and ConocoPhillips said recently it would be cutting , barrels per day from one of its oilsands projects, said Masson. Masson also said that chunk of money is only a drop in the bucket.
Industry-specific and extensively researched technical data partially from exclusive partnerships. A paid subscription is required for full access.
Covid19 collapsed demand. The future of hundreds of thousands of Canadian jobs is at stake.
Oil Price Charts
However, beyond those headlines, the oil market told a different story. Here's a look at why those contracts gushed red while others held up relatively well. Oil futures contracts require that the holder take physical delivery of the oil upon expiration. That's usually not a problem because a trader can flip the commitment to a buyer that has access to storage and roll the proceeds into a new contract with an expiration farther into the future. At the current pace, the U. As a result, storage costs have skyrocketed. This situation has put oil traders in a bind, especially with May contracts expiring on Tuesday. No one wants to buy oil for delivery next month since there's nowhere to store it. That's leaving oil traders with no choice but to pay to unload their contracts and avoid having to take physical delivery, which would cost money since they'd need to pay the pipeline shipping costs as well as storage expenses if they can find room. While May's contracts for WTI and WCS made headlines for their historic plunges into negative territories, other oil contracts held up much better.
How crude oil prices go negative and why it could get ‘very ugly’ for Alberta
The reality is much more complicated, according to NE2, a physical oil brokerage and derivatives exchange with operations in Calgary and Houston. Trading for commodities such as crude oil operates based on contract prices, typically for delivery in a given month. WTI is typically quoted as a flat price per barrel for near-month delivery. Not great — but not negative. Yes it is, if the differential is higher than the average price. We've sent an email with instructions to create a new password. Your existing password has not been changed. Subscribe to NEWS newsletters. You have activated your account, please feel free to browse our exclusive contests, videos and content. By checking this box, I agree to the terms of service and privacy policy of Rogers Media.
