CN strike means no heavy crude is moving, price weakens

Written by David C. Lester, Editor-in-Chief
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Natural disasters and fires have impacted this CN’s ability to move portions of the grain harvest.

The Financial Post is reporting the Canadian National strike is impacting the price of Canadian heavy crude oil. There are no crude-by-rail shipments moving on CN, Canada’s largest railroad, causing an oversupply of the oil, thereby lowering the price.

In September, CN moved 180,000 barrels of oil each day, which represents over 50% of Canadian exports of crude-by-rail in September. Mike Walls, an analyst for Genscape, Inc., said that if the strike continues, and no oil is moving, “it would become a large issue within weeks, not months.”

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