Demand rising for Canadian oil CanadiansInvest
Demand for oil from Canada is rising as world oil consumptionHeavy, sour oil grades like those Canada primarily exports are experiencing what one analyst calls a “price renaissance,” outperforming the U.S. light, sweet oil benchmark West Texas Intermediate .
“Heavy is the crude that wears the crown,” Toronto-based Rory Johnston, founder of Commodity Context,“While the most commonly referenced light sweet crudes are on an uninspiring price run, heavier crudes are actually having a pretty great year. As just one example, the price of Western Canadian Select , a heavy sour crude that represents Canada’s main crude export blend, is up a whopping $15 per barrel year-to-date.
Maintenance at oil sands projects has reduced available supply while, at the same time, demand has increased. The new
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