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Most oil from Trans Mountain pipeline ships to China, boosting Canadian prices
27 tankers departed Westridge Marine Terminal in September, implying an estimated 13.6 million barrels were exported
“The latest improvement in relative value… appears to be tied to a strong increase in demand by Chinese buyers for Canadian heavy oil through Westridge,” King said.
RBC pointed to the trade “diversification benefits” provided by Trans Mountain and noted the concentrated shipments to China and California are continuing to support a “tighter and less volatile” spread between Canadian heavy oil prices and the U.S. benchmark.
The shrinking price discount has come despite a broader slump in global oil prices.
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