Canada Oil Prices Surge as Fire Hits Shell, Suncor Output
- Oil-sands output may be down by 1 million barrels a day: RBC
- Suncor, Shell, Husky, ConocoPhillips cut production amid blaze
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The worst wildfire in Alberta history is boosting Canadian crude prices as oil companies evacuate workers and shut in as much as a million barrels a day of output.
Western Canadian Select, the benchmark for oil sands production, strengthened $1 to an $11.85-a-barrel discount to U.S. West Texas Intermediate on Thursday, the smallest difference since July, data compiled by Bloomberg show. The absolute price rose $1.54 to $32.47 a barrel.