Break from the bottleneck

摘要

Dylan White, Genscape, and John Coleman and Shelby Poncik, Wood Mackenzie, explore the impact of the COVID-19 pandemic on the Canada-to-US supply chain. The COVID-19 pandemic had immediate and far-reaching impacts on global crude markets in 2020. Demand loss amid quarantine efforts led to one of the largest oversupplies in history. Storage inventories rapidly climbed toward tank tops at key hubs in North America, including Cushing, OK. Producers reduced supply as crude prices plummeted, balancing out regional markets to varying degrees. As these drastic shifts played out in Western Canada, it changed market conditions that had defined the supply chain for years.