Heavy and medium sour crudes jump in U.S., Canada after killing of Iran commander

Heavy Canadian and U.S. medium sour crude differentials strengthened on Friday f...

HOUSTON - Heavy Canadian and U.S. medium sour crude differentials strengthened on Friday following a U.S. air strike in Baghdad that killed Iran’s military commander Qassem Soleimani and stirred Middle East geopolitical tensions, traders said.

Key North American heavy and medium sour crude grades jumped on speculation that potential retaliation by Iran could disrupt flows of similar crudes in the Middle East, traders said. Most of the heavy sour crude imported by the United States comes from Canada, but the nation also brings in significant shipments from Iraq and Saudi Arabia, according to federal data.

Canadian crude shipments by rail to U.S. refiners were expected to rise from already high levels, traders and analysts said, as Canadian crude, even with rail costs factored in, was profitable to sell in the U.S. Gulf, said Matt Murphy, analyst at Tudor Pickering.

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