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Wildfires Boost Canadian Crude Prices as Suncor Cuts Production

OIL
Energy BulletsHomepagemarkets-real-timeBulletCommoditiesCanada Bank of Canada Market News

Canadian heavy crude prices strengthened for a second day after Suncor cut production at its Firebag oil-sands site due to wildfires.

  • West Canadian Select’s discount to WTI narrowed to $13.65/b from $14.70/b July 4, according to General Index, cited by Bloomberg.
  • Suncor Energy has shut down its 215,000 bpd Firebag oil sands site in northern Alberta in precautionary measures for a wildfire about 5 miles away.
  • Suncor said the facility will remain ready to resume full operations as soon as it is safe to do so.
  • Firebag produced 231k b/d of crude in May, Alberta Energy Regulator data cited by Bloomberg showed.
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Canadian heavy crude prices strengthened for a second day after Suncor cut production at its Firebag oil-sands site due to wildfires.

  • West Canadian Select’s discount to WTI narrowed to $13.65/b from $14.70/b July 4, according to General Index, cited by Bloomberg.
  • Suncor Energy has shut down its 215,000 bpd Firebag oil sands site in northern Alberta in precautionary measures for a wildfire about 5 miles away.
  • Suncor said the facility will remain ready to resume full operations as soon as it is safe to do so.
  • Firebag produced 231k b/d of crude in May, Alberta Energy Regulator data cited by Bloomberg showed.