Commodity Market Report

North America Crude Markets short-term outlook: January 2024

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Western Canadian egress constraints are on full display. Growing WCSB supply has driven long-haul pipelines near maximum utilization, leading to steep WCS price discounts, rising pipeline apportionment, and storage stockpiling in Edmonton and Hardisty. TMX will alleviate the Canadian bottleneck once it comes online, but ongoing construction delays and regulatory hurdles continue to cloud the start-up timeline for the westbound egress route. In this month’s report, we provide an update on the variables that will determine TMX’s online date, as well as what to expect from WCSB egress in the meantime.

Table of contents

  • TMX update
  • WCSB balances
  • Permian egress and prices
  • Midland-to-ECHO II pipeline update
  • North American crude runs
  • US L48 Supply

Tables and charts

No table or charts specified

What's included

This report contains:

  • Document

    WCSB Supply & Diluent Outlook January 2024.xlsx

    XLSX 9.45 MB

  • Document

    North America Crude Midstream Outlook January 2024.xlsx

    XLSX 2.64 MB

  • Document

    North America Crude Supply & Pricing January 2024.xlsx

    XLSX 1.05 MB