🔮 Better than the Oracle? Our Fair Value found this +42% bagger 5 months before Buffett bought itRead More

CANADA CRUDE-Heavy crude mired near $14/bbl

Published 2016-02-11, 06:53 p/m
© Reuters.  CANADA CRUDE-Heavy crude mired near $14/bbl
CL
-
CVE
-

* March synthetic trades at $3.00/bbl above WTI
* March WCS trades at $12.10/bbl below WTI

CALGARY, Alberta, Feb 11 (Reuters) - Canadian heavy crude
differentials tightened on Thursday but a fresh slump in U.S.
benchmark crude held the outright price of Canadian crude within
sight of record lows hit last month.
Western Canada Select heavy blend crude for March delivery
last traded at $12.10 per barrel below the West Texas
Intermediate benchmark, according to Shorcan Energy brokers,
down from a settlement of $13.30 per barrel on Wednesday.
However, a sharp $1.24 a barrel slide in U.S. crude to
$26.21 cancelled out the gains in WCS.
U.S. crude CLc1 hit a 12-year low, driven lower by
concerns about domestic stockpiles, which put the absolute price
of Canadian crude at around $14.11 a barrel, marginally lower
than the previous day's price of $14.15.
Last month the price of Canadian crude dropped to around
$13.25 a barrel, the lowest since the benchmark WCS blend was
launched in 2004.
At current prices Canadian oil sands producers are
struggling to cover the cost of production, with Cenovus Energy
CVE.TO the latest to report a quarterly earnings loss on
Thursday.
Light synthetic crude from the oil sands held on to its
premium versus WTI, boosted by upcoming maintenance in the oil
sands that are set to curb supply.
Light synthetic crude from the oil sands for March delivery
last traded at $3.00 per barrel above the West Texas
Intermediate benchmark, up from $2.90 per barrel above WTI on
Wednesday.


Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.