Canadian Crude Prices Collapse as Alberta Glut Grows Again
- Third section of Syncrude upgrader is ready to start operation
- Synthetic crude’s discount to WTI reaches widest since 2013
The Syncrude Canada Ltd. oil sands upgrading plant
Photographer: Ben Nelms/Bloomberg
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Canadian crude prices are plunging once again as repairs were completed on Alberta’s second-biggest oil sands upgrader and production surged from a new mine.
Synthetic crude, a light grade produced in upgraders, fell Thursday to the biggest discount to West Texas Intermediate futures since December 2013, data compiled by Bloomberg show.