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Crude losses $0.34

Posted on: March 24, 2017

While the markets continue to digest the EIA build of 4.95 million on Wednesday attention has shifted to OPEC and the meeting that will take place over the weekend in Kuwait… it may be prudent to expect price swings pending statements made by the ministers. Libya’s production has resumed levels seen prior to the militia group attack on the two main oil ports. The Saudi Arabia energy minister continues to express the desire to extend cuts if stockpiles remain too high. It’s not all bad news, at least not for some Canadian producers, where heavy oil that was previously supplied in larger quantities by OPEC has enticed Canadian producers to fill the gap. The Western Canadian Select (WCS) has reflected these favourable supply fundamentals boasting the narrowest spread differential between WTI since June.

This has prompted oil sands producers such as MEG, Canadian Natural and Cenovus to resume expansion projects. Needless to say the combination of a relentless increase in US shale supply and Canadian production may be met with contention if OPEC is fed up with providing a “free ride”: One way or another the global supply gut still needs to shrink. Overall, NYMEX May futures contracts lost $0.34 and settled at $47.7 for the day.

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