Barrels And BTUs - Commodity Fundamentals Weekly

Research evidence excerpt

Barrels And BTUs - Commodity Fundamentals Weekly

TD SECURITIES INC. - CANADA WEEKLY REPORT

June 18, 2026

■Energy Producers Barrels And BTUs - Commodity Fundamentals

Weekly

Menno Hulshof, CFA^ THE TD COWEN INSIGHT

403 299 8658

In this recurring weekly update, we summarize key valuation, fundamental supply, demand,

menno.hulshof@tdsecurities.com

storage, and pricing data for both oil and natural gas. For comparative valuation data, see

Aaron Bilkoski^ pages 3-7; for a rollup of weekly pricing data, see pages 8-9. For more detailed data, please

403 299 3294 see pages 10-21 for oil and pages 22-26 for natural gas.

aaron.bilkoski@tdsecurities.com

Aaron MacNeil, CA^ Fuel for Thought (Charts of the Week) - WCS Heavy Diffs Tighten as Stockpiles Dip

403 292 1222

U.S. crude inventories came under additional pressure this week (Figure 1), with Cushing stocksaaron.macneil@tdsecurities.com

now having posted eight consecutive weekly draws, bringing stockpiles towards operational

Dustin Besaw, CFA^ tank bottoms of ~20 mmbbl. Reduced inventories at Cushing, combined with heavy upstream

403 292 2804

turnaround activity and the potential impact of wet weather across the oil sands, have

dustin.besaw@tdsecurities.com

supported a material narrowing in the WCS Hardisty/WTI heavy differential in recent weeks

Taylor Kent^ (Figure 2). That said, with major oil sands turnarounds expected to wind down by mid-June and

403 299 3272 Enbridge heavy-line apportionment landing at ~11% in July, we see risk that differentials could

taylor.kent@tdsecurities.com re-widen over the coming weeks and months as supply returns and pipeline constraints re-

Jeremy De Souza, CPA^ emerge.

403 292 1212

Figure 1 - US Crude Oil Inventories

jeremy.desouza@tdsecurities.com

mmbbl 5-Year Range 5-Yr Avg 2025 2026