It’s trading at the lowest since 2016
In early 2016 there was talk of widespread defaults among Canadian oil producers as global crude prices plunged and the market soured on high yield debt.
Today, prices are just as bad for the benchmark, although most Canadian producers would tell you they’re getting something much closer to WTI.
Still, blocking Keystone XL could extend the approvals process for another year and that will severely hamper the ability of Canadian producers to get oil to market at competitive prices.
Right now, Western Canada Select is trading at $17.20 per barrel, the lowest since February 2016: