North American Oil Is In Demand as World Grasps for Supplies

n71psr2sbgv)kgfkwnqm9nru_media_dl_1.png Modern Commodities, Link Data SeArticle content(Bloomberg) — The spiderweb of cracks in the global oil market are spreading across the Rocky Mountains and US Great Plains as demand for a shrinking pool of accessible crude escalates.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentOil grades from Texas and North Dakota to Alberta are surging as refiners compete with rivals in Asia and Europe for barrels after weeks of strangled shipments via the Strait of Hormuz.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentBakken oil traded at the Clearbrook, Minnesota, hub shot up to an $18 premium to the monthly average of West Texas Intermediate on Monday, compared with a $1.20 discount the day before the Iran war erupted on Feb. 28, according to Modern Commodities prices. Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article content“It’s all about US exports,” said Dennis Kissler, head of energy trading at BOK Financial Securities Inc. “We’re going to be exporting a ton of crude, that’s what’s keeping WTI elevated.” Article contentIn Canada, synthetic crude produced by processing oil-sands bitumen, traded at a $19.90 premium to WTI, up from about $1 a month ago. Article contentMars crude pumped from the US Gulf of Mexico climbed to around an $18 premium to WTI last week, before easing to around $17.

Southern Green Canyon has traded above a $7 premium for five straight sessions.Article contentUS and Canadian oil is increasingly being drawn to coastal markets for export, tightening local spot supplies, according to traders. Article contentOne crude grade that wasn’t surging Monday was the local Canadian benchmark Western Canadian Select. The discount to a monthly average of WTI widened to $16.25 from $14.65, according to Modern Commodities, amid rising volumes of Venezuelan crude. Article content—With assistance from Charles Gorrivan.Article content(Updates with trader’s comment in fourth paragraph.)Article contentTrending Posthaste: Why Canadians will feel the squeeze of soaring gas prices more than Americans News Opinion: The world has an energy problem and Canada is the solution Energy Garry Marr: With housing prices flat, the high cost of moving has never been more clear Personal Finance Subscriber only. What's behind Chip Wilson's proxy war with Lululemon Subscriber only Retail & Marketing Diesel-rich Alberta synthetic crude oil triples in four days Oil & Gas Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Posthaste: Why Canadians will feel the squeeze of soaring gas prices more than Americans News Opinion: The world has an energy problem and Canada is the solution Energy Garry Marr: With housing prices flat, the high cost of moving has never been more clear Personal Finance Subscriber only. What's behind Chip Wilson's proxy war with Lululemon Subscriber only Retail & Marketing Diesel-rich Alberta synthetic crude oil triples in four days Oil & Gas