Canadian oil outages, bad weather to tighten inventories at key US storage hub

Canadian oil outages, bad weather to tighten inventories at key US storage hub

Wet weather and a power outage at Cenovus oilsands operations have helped push American oil reserves to their lowest level since 2020.

Canada oil outages, bad weather to tighten inventories at key US storage hub

Wet weather and a power outage at a major oil sands producer have contributed to crude export supply tightness out of Western Canada, which could tighten supplies to the key Cushing storage hub in Oklahoma and to US Midwest refineries. Supply disruptions in Western Canada are adding to an already tight global market as a fifth of the global oil and gas shipments are stuck behind the Strait of Hormuz owing to the US/Israel war in Iran.

Canada Oil Outages and Bad Weather to Tighten Inventories at Key US Storage Hub - Energy News, Top Headlines, Commentaries, Features & Events

By Amanda Stephenson and Arathy Somasekhar Wet weather and Cenovus outage disrupt Western Canada oil supply Cushing inventories near operational lows as U.S. crude stocks fall Western Canadian crude inventories at lowest since 2020 CALGARY, June 11 (Reuters) – Wet weather ​and a power outage at a major oil sands producer have contributed to crude ...