The spread to WTI has dramatically recovered
Canadian oil producers are breathing a little easier after emergency measures to curb production through April have dramatically narrowed oil differentials. Western Canada Select is now trading at just a $12.75 discount up from -$52.40 in October.
The Bank of Canada highlighted differentials on other blends as well but those have also closed at a similar clip.
At the moment, the loonie isn't benefitting and even Canadian oil producers aren't benefitting but if sentiment can stabilize, there's some upside in the pipeline.
