29 January 2013 17:44 [Source: ICIS news]
TORONTO (ICIS)--Canadian commodity prices fell 4.6% in December from November, largely because of sharply lower prices for Canadian oil, a bank said on Tuesday.
Toronto-based Scotiabank said that December’s decline in its monthly commodity price index was driven by lower prices for western Canadian heavy crude oil – down to $57.84/bbl in December, from $72.47/bbl in November.
Western Canadian heavy oil trades at a discount to West Texas Intermediate (WTI), given the more complex refining required for heavier crudes.
In addition to the refining process, prices for Canadian heavy crude oil are affected by inadequate export pipeline capacities, as well as ?xml:namespace>
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