Energy Biz Report: Oil Pipeline Logjam Impacts Producers in Canada
It’s a cluster-you-know-what on oil pipelines, as it’s now believed that Canadian oil sands producers will be forced to fight for space on pipelines at least until 2014, due to burgeoning United States oil production that is lowering prices for Canadian crude, say analysts. Producers like Cenovus Energy (NYSE:CVE), Imperial Oil (AMEX:IMO), and Suncor Energy (NYSE:SU) can in part outweigh price differentials by accelerating refinery output, but firms without refining capability, such as Baytex Energy Corp. (NYSE:BTE) and Canadian Natural Resources (NYSE:CNQ) find themselves in more precarious positions.
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