Disruptions to output in Canada and Nigeria failed to boost prices, as signs that the global economy is still not on a stable path to recovery undermined hopes that market rebalancing is on course amid continuing US stockbuilds. Atlantic basin marker North Sea Dated closed the week to 5 May down by $1.56/bl to $44.06/bl, while US benchmark WTI fell by $1.71/bl to $44.32/bl. Reduced production in the US, Canada, Nigeria and Iraqi Kurdistan failed to sustain prices at late April’s six-month highs, as the shutdowns were offset by economic headwinds. Wildfi res in Canada shut in an estimated 1mn b/d of oil sands production. Light synthetic crude prices in western Canada and heavy WCS have fi rmed relative to their benchmarks as oil sands producers and pipeline fi rms curtail operations amid the raging infernos.
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