The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

U.S. Cash Crude-Bakken grades jump to near 3-year high on Alberta wildfire shut-ins

Mon, 09th May 2016 23:13

May 9 (Reuters) - U.S. Bakken differentials rose on Mondayto the strongest in nearly three years as traders hurried to buythe crude on worries about supply constraints due to a ragingwildfire in Canada's Alberta province. The move follows Syncrude Canada cutting estimatedproduction volumes by some 35 percent in May after a wildfireforced the company to close its mines and upgrader operationsover the weekend, sources said. U.S. Bakken for June settled at 40 cents a barrel over WTIfrom 35 cents a barrel below WTI on Friday, according to ShorcanEnergy Brokers. That was the strongest since July 2013. Canadian crude prices climbed further on Monday as thewildfire entered a second week, with offline capacity estimatedat around 1 million barrels per day. Light, sweet barrels in the U.S. Gulf got a boost, withtraders expecting barrels to possibly move inland as a result ofthe production curbs. * Light Louisiana Sweet for June delivery rose20.5 cents to a midpoint of $2.13 and traded between $2.05 and$2.15 a barrel premium to U.S. crude futures. * Mars Sour rose 3 cents to a midpoint of -$3.22and traded between $3.20 and $3.25 a barrel discount to U.S.crude futures. * WTI Midland rose 7 cents to a midpoint of -$0.13and traded at a 10 cent a barrel discount to U.S. crude futures. * West Texas Sour rose 17.5 cents to a midpoint of-$1.1 and traded at a $1.20 a barrel discount to U.S. crudefutures. * WTI to East Houston traded at $1.75 a barrel over WTI. * ICE Brent July futures fell $1.74 to settle at$43.63 a barrel. * WTI June crude futures fell $1.22 cents to settleat $43.44 a barrel. * The Brent/WTI spread widened by 45 cents tosettle at 40 cents. (Reporting by Catherine Ngai; Editing by Richard Chang)

Related Shares

More News
Today 11:00

BP, EOG Resources in talks to jointly develop Trinidad gas field

May 27 (Reuters) - Oil major BP and U.S. shale producer EOG Resources are in discussions to jointly develop a natural gas field off the coast of Tri...

25 May 2024 17:56

South Africa's Central Energy Fund acquires Durban refinery land, assets

CAPE TOWN, May 25 (Reuters) - South Africa's state-owned Central Energy Fund has acquired land and assets at the country's largest refinery which ha...

23 May 2024 21:40

Republican-led states ask Supreme Court to quash Big Oil climate lawsuits

May 23 (Reuters) - Nineteen Republican attorneys general have filed a rare complaint directly with the U.S. Supreme Court asking it to block several...

22 May 2024 21:54

US lawmakers urge Justice Department to probe climate deception by Big Oil

May 22 (Reuters) - U.S. lawmakers behind a congressional probe of major oil companies on Wednesday called on the Justice Department to investigate w...

22 May 2024 02:00

British firms expecting hard time in China market, lobby group warns

BEIJING, May 22 (Reuters) - British firms expect doing business in China to become harder over the next five years, a British business lobby group s...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.