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Reuters reported that refinery incidents in the US and Canada have contributed to a drop in Canadian heavy oil prices by heightening the effects of an already oversupplied market.
Reuters reported that refinery incidents in the US and Canada have contributed to a drop in Canadian heavy oil prices by heightening the effects of an already oversupplied market.
As quoted in the market news:
Western Canada Select heavy blend for June delivery last sold for $19.25 a barrel under benchmark West Texas Intermediate, compared with $17.50 under on Tuesday.
The spread on WCS has widened by $4.20 since last Friday, when it appeared that seasonal demand for asphalt was driving down the discount.