On March 11, Western Canada Select Crude Oil was trading at $20.04. Now, it’s at $9.12.
It’s easy to forget, considering how each day lately feels like a year, but last week was a devastating week for Canadian oil, with prices falling precipitously.
Yet, 7 days ago looks like a walk in the park now.
On March 11, Western Canada Select Crude Oil was trading at $20.04.
Today, it closed at $9.12.
For a time during the trading day, the price hit $7.47, the lowest level ever recorded.
The damage being done to Canada by the spreading Wuhan China Coronavirus is immense. We have undertaken desperate measures to try and stop our healthcare system from collapsing, and a result of those necessary measures has been economic devastation without parallel.
The Canadian Energy sector, already facing immense challenges, is now at more risk than ever before in Canada’s history, and only massive and swift government intervention can save it.