CS - Crushed spread, production cuts lead to drop in rail shipments - April 2019According to the National Energy Board, Canada’s crude-by-rail exports in January
sequentially fell by 28,290 bo/d to 325,499 bo/d. This was the first decline in 11 months
and is attributable to a crushed WCS/West Texas Intermediate price differential and to
the 325,000 bo/d production cuts in Alberta that took effect Jan. 1. Most crude-by-rail
shipments are sent to the US Gulf Coast when differentials are below minus $15/bbl, but
differentials have been as high as $6.95/bbl in...