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North American liquids supply contracted by -127 kbpd m/m to 31,791 kbpd in August, up +642 kbpd y/y and down from a trailing annual average growth pace of +1,055 kbpd y/y. The monthly decline was driven largely by a pullback in Canadian output and Mexico’s return to contraction, while the broader structural slowdown remains overwhelmingly a story of dragging US crude production gains.
Western Canadian Select (WCS) crude differentials in Hardisty, Alberta reached their widest level since the all-time record blowout of 2018, this time driven not by insufficient pipeline capacity but rather by record discounts borne by Canadian barrels on both the West and US Gulf coasts.
