Canada's Wildfires to Drive Down Inventories, Flip Spread: ChartBy
Canada’s wildfires are not only wiping out everything in their path, but may also impact U.S. oil stockpiles given the amount that gets shipped between the neighboring nations. Goldman Sachs Group says that about 14 million barrels of output may be curbed by the blaze, hastening a drop in stockpiles. Another casualty: West Texas Intermediate crude -- historically cheaper than international crude -- is now more expensive, a price relationship that makes exports less favorable and imports more appealing.
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