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It is the most lucrative time in more than two years to ship Canadian crude to the U.S. Gulf Coast, thanks to the effective closing of the Strait of Hormuz.
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Canadian heavy oil for June delivery traded at a US$13.55 premium on the U.S. Gulf Coast to the May price in Alberta as of end of day Tuesday, the widest since December of 2023, according to Link Data Services and General Index prices. The spread is the largest since before the expanded Trans Mountain pipeline to the Pacific Coast began operation, alleviating a persistent export bottleneck that caused large price discounts in Alberta.
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Refiners around the world, especially in Asia, are seeking alternative crude supplies after the war in Iran curtailed oil exports from the Middle East, increasing demand for heavy Canadian crude. The Strait of Hormuz remained mostly blocked on Wednesday following a fragile ceasefire between the United States and Iran that was announced overnight.
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