July 2019, Vol. 246, No. 7

Global News

Canadian Oil Pipeline Congestion Sets up Lucrative Storage Play

Upheavals in the Canadian crude market are providing unique opportunities for firms with sizeable long-term leases on Alberta storage tanks, a cluster that sources say includes Mercuria Energy Group and oil major BP Plc’s trading arm. Canada holds the world’s third-largest crude reserves, but years of delay in building new pipelines has led to oil production outpacing takeaway capacity. A glut of crude has thus been created, increasing demand for storage tanks in the oil sands province of Alberta, which this year introduced production cuts to deal with the oversupply. The opportunity for traders comes from monthly pipeline “apportionment”, when demand to ship crude on certain pipelines ex

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