Ample heavy crude weighs on Canadian prices in US
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December Canadian crude prices in the US are averaging below the multi-year lows reached for the prior trade month as they continue to be pressured by ample heavy crude supply.
December Canadian crude prices in the US are averaging below the multi-year lows reached for the prior trade month as they continue to be pressured by ample heavy crude supply.
Canadian crude values have been pressured by rising volumes of Venezuelan crude, which has increased competition among heavy sour crude sellers at the US Gulf coast as more refiners look to the Latin American crude. US independent refiner Valero ran record-high volumes of Venezuelan crude at its refineries in the third quarter, the company said on 22 October.
Roughly 29.30mn bl, or over 480,310 b/d, of Venezuelan crude was delivered to the US Gulf coast in from September to October, compared to roughly 128,200 b/d for the same months in 2025, according to Vortexa data.
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