Heavy Canadian crude surged to the strongest level in more than a year as rail shipments keep rising even as production was curtailed.
The discount of Western Canadian Select at Hardisty, Alberta, to West Texas Intermediate futures shrank $2.10 to $10.5 a barrel Monday, the narrowest since August 2017, data compiled by Bloomberg show. That’s from about $29 a barrel at the end of November, just before Alberta announced that producers would have to reduce output by 325,000 barrels a day in January to alleviate a glut caused by surging oil sands supply running into limited pipeline space.
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