Wednesday: Canadian Sands Oil Selling At $40 Discount Versus WTI

Active rigs: 193

RBN Energy: How are Canadian producers managing all that oil?

Western Canadian producers regularly have to swallow large price discounts for heavy crude versus the US benchmark West Texas Intermediate (WTI). During the first week of November price discounts for heavy Western Canadian Select crude versus WTI came close to $42/Bbl – the deepest since 2007. Since then they have narrowed but are still over $30/Bbl. Today we examine the relationship between storage volumes in Alberta and crude price discounts.

RBN Energy presents Part 2 of their series on Canadian crude oil storage. In Part 1 they looked at increasing Canadian crude oil production and expanding pipeline capacity in the two crude marketing hubs of Edmonton and Hardisty. The two hubs are the staging posts for crude oil exports to the US as well as the distribution point for diluent supplies coming into the oil sands production region. Today we turn our attention to the relationship between Canadian crude pricing, congestion on the crude pipelines leaving Edmonton and Hardisty, and storage inventory.

The Wall Street Journal

Surging NASDAQ hits 4,0000.

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Coal's decline hits hardest in the mines of Kentucky.

Unprecedented pressures on the U.S. coal industry and nearly two years of mine closures and layoffs are reshaping the Central Appalachian coalfields in ways that many experts believe could be permanent.

Farm income soars.

Farm incomes in America are expected to hit their highest level in four decades this year thanks to bumper crops of corn and soybeans after two years of drought.

Goalposts moved.

The website won't be fixed by the deadline, but you will never know it. It won't matter. The insurers will know.

Wow, H-P's sales drop again. Hewlett-Packard posts weaker fourth-quarter sales, the ninth onsecutive top-line decline, but the computer maker swung to a profit and beat expectation.

And sales erode at Barnes and Noble.

The company's latest quarterly earnings show an erosion in sales for both print books and e-books, casting a cloud over its long-term prospects.

The bookstore chain on Tuesday reported an 8% drop in revenue for the quarter ended October 26, due to lower sales in its consumer bookstores, college stores and Nook digital business. Cost-cutting, however, boosted net income sharply.

The second-quarter performance highlighted the continuing uncertainty about how the bookstore chain will cope with a steady shift of book buyers online, and to digital formats, where chief rival Amazon.com Inc. is much stronger.