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Canadian Crude Prices Boosted by Extreme Cold

OIL

Canadian heavy crude’s discount to WTI narrowed to $18.80/b from $19.15/b, according to Bloomberg, citing traders.

  • The narrowing discount was caused by temperatures falling to more than -30C in Wood Buffalo, Alberta, where the oil sands are located.
  • The extreme cold has disrupted production in the past and damaged equipment and wells.

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