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Tanker market report dated 7 December 2018

10 December 2018

Canada’s benchmark heavy crude, Western Canadian Select (WCS), has seen its price slowly slide since mid-2018, trading at a record discount to WTI of over $50 bbl during October. A supply glut has seen prices continually dip, but the grade may finally be set for a reprieve after the Premier of the oil-rich Alberta region mandated a production cut of almost 9%, or approximately 325 000 b/d, in a bid to lift prices and deal with an oversupply. The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.