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Commodities Briefing - Categorized | Market Pulse, Oil more

‘Bitumen bubble’ turns to ‘bitumen bump’ in oil price

Posted on 12 July 2013

A second straight week of dwindling U.S. crude inventories propelled oil prices to their highest in 16 months, pushing Canadian heavy crude prices to levels that are nearly double those seen when the government of Alberta warned of a $6-billion shortfall in energy revenue.
The Canadian heavy crude market is benefiting from both rising U.S. benchmark oil prices as well as unexpectedly narrow discounts to lighter-grade oil. That spread is now around $16 a barrel, compared with a $40 gap last January when fears about insufficient pipeline capacity weighed on producers………………………………………..Full Article: Source


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