June Canadian Oil Contract Gains as Market Awaits Kearl Output
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Canadian heavy oil for June delivery strengthened on the spot market as traders speculated that first delivery of supply from the Kearl oil-sands project may be delayed until the third quarter.
Production from the 110,000 barrel a day Kearl project in Alberta will “commence in the coming days,” Pius Rolheiser, a spokesman for Exxon Mobil Corp.’s Calgary subsidiary Imperial Oil Ltd., said in an e-mail yesterday. Rolheiser also said April 1 that first production would come “in the next few days.”