Canada’s oil industry, most of which is housed in Alberta, has had a tough year, with the discount to WTI falling to record highs before Premier Alberta Notley mandated a production cut of over 300,000 barrels daily that went into effect this month. A new NEB report says the pipeline constraints are not the problem, contrary to popular belief. Calgary, Alberta, yesterday reported a $5 billion loss in commercial property in its downtown area, thanks to the province’s floundering oil industry that is drowning in the steep discount to WTI and insufficient pipeline capacity to take its oil across its borders. Pipeline constraints in Canada, which has caused a backup of oil inventories in the country, is the main reason cited for the dramatic fall in Canadian oil prices. And now those low prices are snowballing into the commercial property sector. Cenovus Energy Inc. and Encana Corp, for one, […]