Australian Research at a Glance - July 20, 2026

Research evidence excerpt

Australian Research at a Glance - July 20, 2026

AUSTRALIAN RESEARCH AT A GLANCE

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Greg Pardy, CFA (Analyst) RBC Elements™: Trans Mountain Tanker Tracker

(416) 842-7848; greg.pardy@rbccm.com Published July 17 2026 00:15:00 EDT

June 2026—Running Strong, Growth on Deck

Our analysis shows that 26 oil tankers departed from the Westridge Marine

Terminal in June, unchanged from May, with volumes ticking up modestly and

suggesting the TMPL ran at or near full contracted capacity rates. China was

the standout destination this month, accounting for roughly 60% of total exports

and reinforcing Asia's role as the anchor market for Canadian crude at tidewater.

Beyond the tanker data, Alberta filed its Major Projects Office application on July

2 proposing a 1 million bbl/d west coast pipeline to Roberts Bank, B.C., with Trans

Mountain tapped to lead planning and construction alongside Pembina Pipeline, as

explored in depth by our colleagues Maurice Choy and Robert Kwan in Canadian

Energy Infrastructure: West Coast Oil Pipeline: Coordination, Co-operation, and

Compromise. On the regulatory front, Trans Mountain filed a negotiated settlement

with the Canada Energy Regulator (CER) on July 7 that would increase the TMPL’s

firm contracted capacity from 80% to 90% of nominal pipeline capacity and

establish a long-term tolling framework, subject to CER approval.

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Matthew McKellar, CFA (Analyst) Paper & Forest Products Q226 Preview

(403) 476-9042; matthew.mckellar@rbccm.com Published July 17 2026 00:15:00 EDT

Amit Prasad, CFA (Associate)

(403) 476-7417; amit.prasad@rbccm.com Looking past the pinch

Our view: Our preferred names remain mostly unchanged into reporting, with the

NAm containerboard market showing clear signs of tension and inflecting prices,