The weakening of Canadian heavy crude oil prices compared to US crude oil futures hit a record high since 2018. At that time, large-scale pipeline bottlenecks forced the Alberta government to impose production restrictions on the largest crude oil producers. According to price data from the Hyundai Commodity and General Index, in early trading on November 3, the discount margin for selected crude oil from western Canada compared to the average monthly futures price of West Texas Intermediate crude oil in Alberta increased to 31.70 US dollars per barrel, the biggest discount since November 2018. Another benchmark crude oil, Canada's Cold Lake crude oil, also reached a very high discount level not seen in eight years, at $23.10.
Zhitongcaijing · 2d ago
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The weakening of Canadian heavy crude oil prices compared to US crude oil futures hit a record high since 2018. At that time, large-scale pipeline bottlenecks forced the Alberta government to impose production restrictions on the largest crude oil producers. According to price data from the Hyundai Commodity and General Index, in early trading on November 3, the discount margin for selected crude oil from western Canada compared to the average monthly futures price of West Texas Intermediate crude oil in Alberta increased to 31.70 US dollars per barrel, the biggest discount since November 2018. Another benchmark crude oil, Canada's Cold Lake crude oil, also reached a very high discount level not seen in eight years, at $23.10.
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