Locator: 51525REFINING.
US refiners are facing a looming supply drop from their biggest foreign crude supplier at a time when they need the oil the most.
Canada supplies the US with more than 4 million barrels a day of crude, most produced in the oil-rich heartland of northern Alberta and then sent south to refineries in the US. Those refineries are processing the most crude oil in eight years, US government data show, as they look to take advantage of diesel margins that hit a record this week.
But their main international supply source is set to be constrained in the coming months. Planned maintenance in the Canadian oil sands is set to take about 300,000 barrels a day of production offline next month, according to Rystad Energy. The shortfall will be difficult to make up as Alberta’s stockpiles are also at their lowest in more than a year.
Ticker MPC, quite volatile:
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