Join today and have your say! It’s FREE!
We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}

Join today with :

or

By providing my email, I consent to receiving investment related electronic messages from Stockhouse.
Sign in with existing account
Please Try Again
{{ error }}

Sign In With :

or

Password Hint : {{passwordHint}}
Forgot Password?
Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Alberta to Cut Oil Production, Crude Prices Rise

Stockhouse Editorial
0 Comments| December 3, 2018


Canadian crude producers saw a spike in early trading Monday, as did heavy oil prices.

This comes after the Alberta government took the advice of producers who have been hit by discounted prices and announced its plan to slap a production cut of 325,000 bpd (8.7%) to offset a supply glut.


Bloomberg reported that the benchmark for heavy oil, Western Canadian Select, jumped to $43.40 (CAD) a barrel, from $14.48. Alberta crude had been trading at a discount compared to West Texas Intermediate, the North American benchmark, for months, due to a surplus of inventory.

Oil sands projects have also been increasing production and tightening pipeline real estate, which has pushed prices lower as inventories rise. In October, WCS’ discount to futures dropped to $50 a barrel.




Comments

No comments yet. Be first to comment!

Leave a Comment

You must be logged in to access this feature.


×

StockTalk
Get our FREE StockTalk Investor Guides by sector as they are released!

Stay on top of sector specific news, get industry leaders insights and our best content, delivered to your email.

You are already a member! Please enter your password to sign in.