for West Canadian Select
Intractable infrastructure problems caused Canada to miss out on the high prices that characterized much of 2018. A majority of Canadians now believe the lack of pipeline capacity has become a crisis as current supply lines are tapped out, storage facilities are at capacity and Alberta has instituted a production cut.
The cancellation of the Trans Mountain Expansion pipeline would significantly hurt Alberta's oil sands producers, which are struggling with midstream constraints and large discounts for their crude.
The outlook appears bleak for Canada’s oil industry, with prices for some crude grades in the country trading for just $15 per barrel. The outlook is so bad that some companies are shutting in production.