FP/wire say Suncor, rivals see crude inventories shrink
The Financial Post reports in its Wednesday, Feb. 9, edition that Canadian crude inventories are dwindling as oil sands producers prepare to shut some operations for maintenance, potentially adding to U.S. supply woes. A Bloomberg dispatch to the Post reports that crude stockpiles in Western Canada have fallen by more than 14 million barrels since early November, to less than 25 million at the end of January, according to Wood Mackenzie data. Canada's maintenance season could contribute to a global supply shortfall that has sent benchmark U.S. oil prices surging past $90 (U.S.) a barrel for the first time since 2014 and has prompted several Wall Street banks to predict $100 (U.S.) oil this year. Suncor Energy's Firebag oil sands well site will have maintenance from May 16 to July that will reduce production by 65,000 barrels a day in the second quarter, and by 20,000 in the third, according to the a local union and company announcements. Imperial Oil's massive Kearl oil sands mine, Cold Lake well site and at least three upgraders will also have maintenance work done as well.