https://f8d829.p3cdn1.secureserver.net/wp-content/uploads/2023/05/2023-April.pdf
Highlight
- generating cash
- narrowing of wcs discount - thats good for any Canadian companies exposed to this
The most material improvement of
all the price streams was a 22 per cent narrowing of the WCS heavy
oil differential.
While we are no experts when it comes to predicting commodity
prices, we do our best to pay close attention to market trends. When
it comes to future heavy oil differentials, we currently like what we
are seeing. In fact, recent daily spot WCS differentials have traded
into the mid US$12/bbl range. That is a number we have not seen
for over a year, and the forward market for 2024 is approximately
US$14/bbl. Notwithstanding where WTI prices may end up, if
WCS differentials compress by another 20 per cent or more from
April’s WCS differential of US$15.96/bbl, that will bode well for
future monthly funds from operations at Gear.