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UK Braces for Brexit Backlash | WCS Closes Gap with American Crude

Published January 14, 2019
  • Prime Minister Theresa May puts her deal on exiting the European Union to a vote on Tuesday for the British Parliament to decide on. It is very likely she will be defeated, with no majority for May’s deal, or any other scenario currently on the table. Currently, the most likely outcome is a request for an extension to the current March 29th deadline for leaving the EU.
  • Alberta’s compulsory oil production cuts have propped up Canadian crude prices, despite concerns persisting that the positive gains may be short-lived. The price gap between Canadian and US benchmark crude has shrunk to under $10 US a barrel, with Western Canadian Select trading at $33.56.
  • Trade data from China displayed worse than expected figures, with a 7.6% drop in imports, as well as exports falling 4.4% in December amidst the trade dispute. Chinese Vice Premier Liu He is set to visit Washington at the end of this month to end the stand-off with the United States.
  • The longest running US government shutdown has entered its 24th day, despite the federal funding restriction only effecting some parts of the government. The stalemate is beginning to impact economists’ forecasts for the US economy, who see it risking material consequences for growth.

To the Clients of EncoreFX:


It is with much regret that we inform you that EncoreFX’s (the “Company”) offices are suspending trading effective immediately.

This suspension will give the Company time to consider its restructuring alternatives. The restructuring has become necessary as a number of customers to whom the Company granted credit have defaulted on their obligations to the Company due mainly, we believe, to the rapid changes in the FX market caused by the coronavirus pandemic.


In order to provide stakeholders with transparency, the Company has filed an assignment in bankruptcy pursuant to Section 49(1) of the Bankruptcy and Insolvency Act (Canada) (the “BIA”) with respect to its Canadian operations and has assigned its Australian and New Zealand subsidiaries in Voluntary Administration in Australia and New Zealand. 


Ernst & Young has been appointed as the licensed insolvency trustee (the “Trustee”) in Canada and as the Administrator in Australia. 


Once the Trustee, working with the Company, has determined the best options for the Company and its stakeholders it will share that information with you. Information pertaining to the bankruptcy of EncoreFX will be available, in due course, on the Trustee’s website at: