OPEC-Style Cut Leaves Canada Market in Dark

OPEC-Style Cut Leaves Canada Market in Dark
Alberta's OPEC-style oil production cut is working as planned, according to the Canadian province, but a dearth of timely crude-market data means traders don't really know what's going on.

“There is nothing underway to report oil market data in a manner similar to the U.S. EIA.,” Karen Ryhorchuk, a spokeswoman for the National Energy Board, said by email. “If the NEB received information from companies on a more frequent basis, we could collect inventory data and report more regularly.”

Natural Resources Canada is “working hard to improve the quality of energy data availability, ensuring it is reflective of Canada’s modern energy system,” Catherine Leroux, a spokeswoman for the agency, said by email.

For now, closely held Genscape Inc. produces weekly inventory snapshots as well as crude-by-rail shipment data for its subscribers by conducting flyovers of storage tanks at large terminals and using remote sensors for crude by rail. But one shouldn’t have to subscribe to a private data provider for reliable information on the market, Tertzakian said.

“The whole thing is really ridiculous,” he said. Oil and gas is “the biggest industry in the country.”

To contact the reporter on this story: Robert Tuttle in Calgary at rtuttle@bloomberg.net To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net Carlos Caminada, Joe Carroll


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