Canadian heavy grades back up

摘要

Rising production and upgrader maintenance have stalled a recovery in western Canadian crude markets. Heavy oil production is rising in western Canada, help- ing to cap WCS prices. Output will top 1.5mn b/d this month, nearly 35,000 b/d higher than in April, Canada’s National Energy Board (NEB) forecasts. Maintenance to facilities that upgrade bitumen into light sweet synthetic crude is partly behind the heavy oil increase this month, leaving an overhang in western Canada.