加拿大重质原油在太平洋市场获得接近纪录的溢价，增强了该国建设一条通往西海岸新管道计划的说服力。
Canadian heavy crude is fetching near-record premiums across the Pacific, bolstering the case for the country’s plan to build a new pipeline to its west coast.
据标普全球旗下普氏能源资讯称，9月份交付韩国的加拿大冷湖原油每桶比迪拜原油基准价高出创纪录的9.50美元。本月该溢价平均为每桶4.33美元，而在伊朗战争爆发前则处于贴水状态。标普全球援引贸易商和山东炼厂原料采购人士的消息称，在中国，加拿大原油货物最近对洲际交易所（ICE）布伦特远期价格的溢价高达每桶14美元。
A barrel of Canadian Cold Lake crude delivered to South Korea traded at a record $9.50 a barrel more than the Dubai crude benchmark in September, according to Platts, a unit of S&P Global Energy. This month, the premium has averaged $4.33 a barrel, as compared to a discount before start of the Iran war. In China, Canadian cargoes recently had premiums of up to $14 a barrel to ICE Dated Brent futures, according to trading managers and feedstock sources at Shandong-based refiners, S&P Global said.
这与加拿大原油在美国——其最大市场——的价格走弱形成鲜明对比。据General Index数据，上周阿尔伯塔省油砂基准原油西加精选原油对西德克萨斯中质原油（WTI）期货月均价的贴水（即价差）扩大至每桶28.25美元，为近四年来最大。
It’s a stark contrast to the weakening price Canadian oil is getting in the US, its biggest market. Oil sands benchmark Western Canadian Select’s discount, called a differential, to a monthly average of West Texas Intermediate futures widened to as much as $28.25 a barrel in Alberta last week, the biggest in almost four years, according to General Index.
由于加拿大石油生产商约90%的出口依赖美国，且通往不列颠哥伦比亚省海岸及亚洲市场的唯一管道已满负荷运转，其利用亚洲更优定价的能力受到限制。加拿大总理马克·卡尼领导的政府正寻求改变这一局面，支持修建一条新管道，以使西海岸出口量翻倍，这是将该国打造为能源超级大国、并使贸易多元化、减少对美依赖愿景的一部分。
Because Canada’s oil producers are reliant on the US for about 90% of their exports, with the only pipeline route to the BC coast and Asian markets already operating at capacity, they are constrained in their ability to take advantage of the better pricing in Asia. Canadian Prime Minister Mark Carney’s government is moving to change that, backing a new pipeline to double exports off the west coast as part of a vision to make the country an energy superpower and to diversify trade away from the US.
卡尼承诺将加快审批进程，并由国有的横贯山脉管道公司负责建设该管道。政府引用生产商通过太平洋出口可获得更优布伦特原油基准价为由，作为推进管道建设的理由。
Carney has pledged to fast-track approvals and for the government-owned Trans Mountain Corp. to build the conduit. His government has cited the better Brent crude benchmark price that producers could get shipping off the Pacific as a reason to move forward with the pipe.
美国价差扩大是多重因素叠加的结果。伍德麦肯兹石油交易分析总监吉姆·米切尔通过电话表示，炼厂检修加上委内瑞拉原油进口——这种原油与加拿大油砂产出的原油相似——在美国墨西哥湾沿岸造成了稠质高硫原油过剩。飙升的油轮运费也使得将原油运往其他地区变得不划算。
The large US price difference is the result of a confluence of factors. Refinery maintenance, combined with imports of Venezuelan crude — similar to the oil produced in the Canadian oil sands — has created a glut of dense, high-sulfur on the US Gulf Coast, Jim Mitchel, director of oil trading analytics at Wood Mackenzie, said by phone. Soaring tanker rates have also made shipping the oil elsewhere uneconomic.
由于大部分加拿大出口原油流向南方，重质原油供过于求给阿尔伯塔省的油价带来了下行压力。
With most Canadian exports going south, the oversupply of heavy crude has put downward pressure on the price in Alberta.
瑞斯达德能源下游业务高级副总裁苏珊·贝尔通过电话表示，当前的市场格局使横贯山脉输油管道成为更有价值的资产，也让这条新管道的建设理由更加充分。
The current dynamic makes Trans Mountain’s pipeline a more valuable asset, Susan Bell, senior vice president, downstream at Rystad Energy, said by phone. It also makes the new pipeline a far more compelling proposition, she said.
贝尔说：“如果我们有更多通往西海岸的运力，能把更多桶油运往西海岸，那么委内瑞拉原油对我们轻重油价差的影响就会小得多。我们的轻重油价差可能比现在强6到7美元。”相比之下，亚洲买家难以获得足够的低成本粘性原油供炼厂使用。Vortexa数据显示，随着供应留在美洲大陆，委内瑞拉发货量降至涓涓细流，而伊朗战争中断了中东发货，并减少了曾经占主导地位的供应国伊拉克的重质原油输出。
“If we had more capacity going off the west coast and we could get more barrels off the west coast, then the impact of Venezuela on our light-heavy differential would be much less,” Bell said. “Our light-heavy differential could be $6 or $7 stronger than what it is right now.”By contrast, Asian buyers are struggling to get enough of the lower cost viscous oil for their refineries. Venezuelan shipments have dropped to a trickle as supplies stay in the Americas, while the Iran war has interrupted shipments out of the Middle East and reduced heavy oil from once dominant supplier Iraq, Vortexa data show.
从加拿大太平洋沿岸发运的原油使用较小的阿芙拉型油轮，这类油轮比服务于美国墨西哥湾的超大型油轮更容易调配。运往中国的航程大约只需三分之一的时间。
Oil shipped from the Canadian Pacific goes on smaller Aframax tankers that are more available than the very large crude carriers that service the US Gulf. A journey to China takes about a third of the time.
Trans Mountain扩建管道的开通，使得亚洲炼油厂——尤其是中国的炼油厂——能够大量进口加拿大西部油砂生产商通过海运出口的原油。其产能约为每天90万桶，计划在未来几年扩大至120万桶。据标普全球（S&P Global）数据，韩国今年将进口创纪录的约1600万桶加拿大原油，较去年总量增长两倍多。
Trans Mountain’s expanded pipeline has opened up Asian refiners, especially those in China, to significant exports of crude shipped by western Canadian oil sands producers. Its capacity is around 900,000 barrels a day, with plans to expand to 1.2 million in the coming years. South Korea is set to import a record volume of Canadian crude this year of around 16 million barrels, more than triple last year’s total, according to S&P Global.
这家由加拿大政府拥有的公司已获委托，主导新建一条日产能100万桶的管道，该管道大致沿用现有管道路线，但将终止于温哥华以南一个新建的深水港，该港口可容纳最大型的原油油轮。
The company, which is owned by the Canadian government, has been commissioned to spearhead work on the new million-barrel-a-day pipeline that would roughly follow the existing conduit route but would terminate at a new deep-water port south of Vancouver that can accommodate the largest crude tankers.