Friday, January 18, 2019

Best News Canada Could Ever Receive -- Now, If Only They Could Get Their Pipelines Built -- January 18, 2019

Now I know the reason for the jump in the price of oil today. Regular readers know what this is all about. When I get caught up, I will come back to this.

From Reuters:
U.S. refiners are bidding up prices for scarce types of crude oil needed for their most sophisticated plants as the United States reconsiders harsher sanctions on Venezuela that could further reduce imports of the country's oil.
Trump administration officials in recent days met with U.S. oil company executives to lay out potential actions in response to the Jan. 10 inauguration of Venezuelan President Nicolas Maduro in an election it considered illegitimate.
Among other steps, U.S. officials have recognized the opposition-run Venezuelan congress as the only legitimately elected authority. But the proposals that would most affect the energy industry involve banning U.S. exports of refined products or limiting oil imports - a move that, until now, the White House has not taken even after sanctioning individuals and barring access to U.S. banks.
This is very, very good news for Canada. Western Canadian shale oil now trades at its amallest discount to WTI in ten years. The discount: $10/bbl. Link here.

Having said that, it's complicated. Very complicated. Venezuela holding the better poker hand?

A contributor over at SeekingAlpha has another explanation but that article had to have been written some days ago. It's too long and detailed to have popped up after the Reuters link above. I could be wrong. But I doubt it. LOL.

They're Watching

After the recent Gillette hullabaloo I checked out the stories on the net. Now, I'm getting non-stop ads for Harry's:

Harry's keeps looking better and better. My son-in-law switched years ago.

UND Over At Oilprice

Speaking of ads. The University of North Dakota (UND) has ads on the oilprice.come website. 

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