Canada Heavy Oil Jumps Most Since September as Output Slumps
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Canadian heavy oil strengthened the most in almost six months on the spot market as weaker-than-expected output eased concern that lower refinery demand in the spring will keep the grade under pressure.
Canadian Natural Resources Ltd. reported fourth-quarter production yesterday of 592,080 barrels-of-oil equivalent, 12 percent below the average estimate of seven analyst polled by Bloomberg. Other oil sands projects including Syncrude also reported lower-than-expected production this month. The company said it accounted for 53 percent of the Western Canadian Select blend in 2012.