Good timing for the Alberta producers as there is also increases in pipeline capacity coming on line.
Anymouse
https://www.reuters.com/business/energy/oil-rises-headed-six…
January 28, 2022 10:54 AM AST
Oil hits fresh 7-year highs on supply concerns
By Rowena Edwards
London, Jan 28 (Reuters) - Oil prices reached seven-year highs on Friday as geopolitical tensions continue to raise supply concerns.
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Both Brent and WTI are on track for their six-weekly gain in what would be the longest run of weekly gains since October.
Supply scarcity has pushed the six-month market structure for Brent into steep backwardation of $6.62 a barrel, the widest since 2013. This means that current levels are higher than those in later months, which usually encourages traders to release oil from storage to sell it promptly.