Oil gained for a second day in a row on Tuesday, pushed up by a trade war truce, pending OPEC+ production cuts, and surprise mandatory output reductions in Canada. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) – Western Canada Select (WCS) prices crashed close to $10 per barrel over the last few weeks, the result of inadequate pipeline capacity out of Alberta. Refinery maintenance in the Midwest added to the region’s woes. – The provincial government of Alberta took the extraordinary step of requiring mandatory production cuts to narrow the discount. – Alberta producers will be required to cut output by roughly 8 percent beginning in January, which will last until the inventory overhang is erased. Market Movers • Cenovus Energy (NYSE: CEO) said that it would stick to its capex plan of C$1.5 billion in 2019 after Alberta issued mandatory production cuts. The […]