Canadian Dollar Breaks "75-Cents" -- June 21, 2018 -- Longest Day Of The Year; Canadian Oil Selling At A $24/Bbl Discount

Canadian dollar goes below "75 cents." This morning -- US$0.7496.

Oh-oh: From this post --

Canadian heavy crude prices have traded at an average discount to West Texas Intermediate future of almost $22 a barrel this year, about 70 percent bigger than the average discount last year, after existing pipelines filled to capacity amid a surge of new production from Suncor Energy Inc.’s Fort Hills oil sands mine.

The discount widened 50 cents to $24 a barrel on Wednesday.

Back-of-the-envelope: Canada exports in excess of 4 million bbls of oil to the US every day. 4 million bbls/day x $24/bbl = in round numbers, $100 million each day is what Canada is losing -- just on exports to America because they can't get the pipelines built. $100 million / day = $3,000 million / month?

Disclaimer: I often make simple arithmetic errors.

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