Canadian heavy crude price discounts tightened on June 2 as wildfires sweeping across northern Canada caused producers to shut in nearly 350,000 b/d of output.
Western Canadian Select at Hardisty, Alberta, was traded at an $8.50/b discount to WTI early June 2, narrowing from an $8.70/b discount assessed by Platts on May 30 and a $9.75/b discount on May 26.
Platts is a unit of S&P Global Commodity Insights.
Discounts widened later in the day with trading seen at $8.85/b under WTI.
Over the past several days, major producers have been forced to evacuate workers and temporarily shut in output as fires advanced toward key oil sands infrastructure.
Cenovus said June 1 that the wildfires reduced output from its Christina Lake asset.
“As a precaution, currently only essential personnel are at the Christina Lake oil sands asset, where the company began safely and methodically shutting in production on May 29,” the company said in a press release. “Approximately 238,000 barrels per day of production have been impacted, and the company will provide an update when it is in a position to restart.”
MEG Energy is delaying the restart of 70,000 b/d of production, and Canadian Natural is shutting 36,500 b/d of bitumen output, the companies said May 31.
On May 26, a separate wildfire caused A spenleaf Energy to halt operations, shutting roughly 4,000 boe/d in Alberta’s Swan Hills region.
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