Heavy Canadian crude surged to the strongest level in more than a year as rail shipments keep rising even as production was curtailed. The discount of Western Canadian Select at Hardisty, Alberta, to West Texas Intermediate futures shrank $2.10 to $10.5 a barrel Monday, the narrowest since August 2017, data compiled by Bloomberg show. Pumpjacks are shown pumping crude oil near Halkirk, Alta., on June 20, 2007. Cenovus Energy Inc. announced in September that it would ship 100,000 barrels of crude a day by the middle of this year after signing three-year agreements with Canadian rail companies. Rather, I think the demand for deeply-discounted Canadian crude is substantial.” Read more: Alberta seeks oil glut solution with new refinery Western Canada oil prices remain strong as Alberta production cutbacks kick in TSX rebounds despite crude prices slipping again to 15-month low

Source: thestar January 07, 2019 21:11 UTC