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Canada crude by rail exports inch higher in April - industry data

Published 2016-06-29, 03:28 p/m
© Reuters. Canada crude by rail exports inch higher in April - industry data
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CALGARY, Alberta, June 29 (Reuters) - Canadian crude exports
by rail edged up 7 percent in April from the previous month to
109,000 barrels per day (bpd), National Energy Board data showed
on Wednesday, as price differentials held steady.
Monthly Canadian crude-by-rail exports have traded around
the 100,000-bpd mark since November, according to the data,
steadying after a more volatile 2015.
Last April oil exports by rail totalled 88,000 bpd, before
touching a low for the year of 80,000 bpd, then surging to
167,000 bpd in October.
With the discount on heavy Canadian crude trading in a range
roughly between $15.50 a barrel and $11 a barrel under U.S.
crude since October last year, it is difficult for shippers to
cover the cost of moving crude to market by rail.
Crude oil pipelines, which are a cheaper form of
transportation, are also currently meeting the needs of
producers who want to sell crude in the United States, meaning
there is limited demand to put barrels on trains.

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