Canadian Oil Prices Plunge As Refinery Demand Dwindles ...Middle East

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Canadian Oil Prices Plunge As Refinery Demand Dwindles
Canadian prices are trading at the widest discount to U.S. crude in four years and this time it’s not because of pipeline shortages or too much production. The decline in Canadian crude prices has to do with less demand from the U.S. Midwest, where refineries are shutting down for maintenance or, in the case of two BP refineries, because of accidents requiring repairs, Bloomberg notes in a report. This means that more Canadian crude is going to the Gulf coast but there it is encountering the high costs of processing heavy crude, resulting…

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