Team assembled for Alberta crude oil discount

A disruptive news week waiting for results from the Olympic plebiscite as well as Premier Notley announcing a team to look at the crude discount that is causing millions of dollars in Alberta revenue to be lost each day. It was announced yesterday that Calgary will not be pursuing a bid for the 2026 Olympics. Alberta power had a quieter week averaging 36% less than last at $47.64/MWh. The supply cushion has been tight with outages and increased exports responding to cold weather in the Midwest. Additionally, near term forwards have had significant volatility moving an average of $5/MWh in either direction in the last week responding to prices in the Midwest.


AECO gas averaged $1.98/GJ, a 26% decrease week over week. Nova capacity to move gas outside of Alberta has been decreased causing prices to fall as production growth is still forecasted. American Thanksgiving is on Thursday this week, meaning markets will be closed and Alberta prices may experience less volatility trading.