(Bloomberg) -- The world-wide coronavirus pandemic that’s caused oil demand to plummet has turned the Canadian oil patch’s biggest problem on its head. Rather than having too few oil pipelines, the province now has too many.The collapse in oil demand caused by people staying home has reduced U.S. demand for Canadian crude, leaving pipelines struggling to stay full. After more than a year of rationing space, Enbridge Inc. announced it had additional space on its Mainline pipeline system for both heavy and light crude in April. TC Energy Corp. also issued a call for crude on its Keystone pipeline running from Alberta to the U.S. Midwest.At the same time, the lack of a price difference for crude from Canada makes it unprofitable to ship the country’s crude down pipelines to the U.S. Midwest and Gulf Coast. Heavy Western Canadian Select oil is trading at a $14.75 discount to West Texas Intermediate...
(Bloomberg) -- Spain’s daily death toll slowed, while Germany is set to extend curbs even after new cases fell for a sixth day. The European Commission has drawn up plans for a partial lifting of restrictions and U.S. officials are also drafting plans to reopen businesses, the Washington Post said.China criticized U.S. President Donald Trump’s move to halt funding to the World Health Organization and pledged to support the global health body. Beijing said it had updated the WHO in a “timely” manner.South Korea’s ruling party may have won an outright majority in the biggest election since the pandemic spread around the globe. Indonesia is set to bring 34 million people under a partial lockdown, while India may ease some curbs as the economy faces its first contraction since 1980.Key DevelopmentsVirus Tracker: Cases reach 1.98 million; deaths top 126,000China’s data on symptom-free cases reveals most never get sickScientists weigh immunity; hyped...
