Oil Sands Disruption Sends Prices Soaring from Alberta to Louisiana

Bloomberg, April 6, 2017

A fire last month at Syncrude Canada's upgrading facility continues to disrupt supplies of both light synthetic crude and heavy Alberta oil to U.S. refineries. Syncrude, which can process 350,000 barrels a day of bitumen from oil sands formations, decided to move forward a maintenance turnaround following the mid-March fire. The shutdown at Syncrude coincides with maintenance on other plants and has sent crude prices soaring. Synthetic crude rose to a $5.40 a barrel premium to WTI and Bakken climbed to a $1.35 premium, both the highest since June 2013, data compiled by Bloomberg show. Condensate traded at a $1.35 premium to futures Wednesday, the highest in more than a year. LLS in St. James, Louisiana, was $2.20 above WTI, the biggest gap since May.

Click here to read the full article from Bloomberg.

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