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Increased demand and undersupply of oil globally
business-standard.com
- The price at the pumps is expected to jump by another cent or two across the country over the coming days, hitting historic highs just in time for the Thanksgiving weekend, thanks to increased demand and undersupply of oil globally.
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Jun 8, 2022 · Why high oil prices aren't creating an economic boom in Canada. Typically that discount is about $10-$15 US a barrel, but recent events have pushed the gap to beyond $20. That's the widest it's...
- Why high oil prices aren't creating an economic boom in Canada
Why high oil prices aren't creating an economic boom in...
- Why high oil prices aren't creating an economic boom in Canada
- Less Investment Appetite
- Record-Setting Profits
- Demand Flexible, But Steady
The last time the global price of oil surged this high, starting in 2008, there was a surge in investments and a hiring boom. Commodity expert Rory Johnston says years of low prices and low profits have made companies wary of moving too quickly this time. "There's a lot of scarring that occurred over the past decade," said Johnston, author of the n...
Higher oil prices are still a net positive for the Canadian economy, said CIBC's Shenfeld, but things are different this time. "When they're caused by disruptions in the global economy they are not as powerful as when they are caused by strength in economic activity around the world," he said. As the price of oil has skyrocketed these past few mont...
So will the high prices stay? These past two years have been some of the most tumultuous and volatile in modern history. It's easy to wonder if maybe things have changed. "I have an allergic reaction as an economist to any claim that this time is different," said Brett House, formerly the deputy chief economist at Scotiabank. He says there were man...
Mar 7, 2024 · Canadian oil prices, benchmarked by Western Canada Select (WCS), have been depressed for many years due to pipeline shortages and refinery and transportation costs. The discount to West Texas Intermediate (WTI) has hovered between $18–20 over the past several years to reflect these hurdles (Chart 4), but that spread should narrow as a result ...
Oct 4, 2021 · The rise in prices could spur more hiring in the Canadian oilpatch, which saw significant staff layoffs over the past seven years as low crude prices forced companies to grind down costs.
Mar 7, 2024 · Canadian exports of crude oil and equivalent products also reached a record high in 2023. Steadily rising since 2021, crude oil exports totalled 230.0 million cubic metres, up 3.2% from 2022. As more Canadian crude oil was exported, stocks diminished throughout 2023.
Oct 6, 2021 · As oil prices reach a seven-year high, analysts say Canadians should brace for skyrocketing prices at the pumps this week as the global economy begins to rebound from a pandemic lull.
Apr 3, 2024 · Calgary, April 3, 2024 – Global crude oil prices should remain relatively stable in 2024 but prices for Canadian producers are expected to rise once the Trans Mountain Expansion (TMX) pipeline project starts operating later this year, according to the latest forecast from Deloitte Canada’s Resource Evaluation and Advisory (REA) group.
