Crude oil shipments from Canada to USA to jump 60% in 2018

Suhail Al Mazrouei UAE energy minister was speaking at the Global Energy Forum in Abu Dhabi. Delores Johnson  The National

US oil prices rose $1.44 to $63.17 a barrel in NY on Tuesday, the highest level in three years, partly on expectations of further declines in the nation's oil stockpile. Platts last week expected a 5.7 barrel million draw, though federal data showed a decrease of 7.4 million barrels.

"Nearly all of the utility-scale power plants in the United States that were retired from 2008 through 2017 were fueled by fossil fuels", the document said. "But market participants could also use the sharp drop in production as an excuse to buy", said Carsten Fritsch, oil analyst at Commerzbank AG in Frankfurt, Germany.

One day after a persuasive argument was made that fundamentals aren't strong enough to support current crude prices, West Texas Intermediate on Tuesday skyrocketed by $1.23 to settle at a more than three year high of $62.96, and Brent reached $69.08, its highest level since May of 2015. The highest prices were in September.

Rail shipments of Canadian crude oil to USA refineries could grow by 60% in 2018, Kallanish Energy learns.

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Crude oil futures continued to rise Wednesday, extending 4-year highs amid further signs the global oil market is tightening.

"When it comes to hedge fund buying in general the commodities trade is front-and-center and that momentum is building for oil", said Rob Thummel, portfolio manager at energy investment manager Tortoise in Leawood, Kansas.

The U.S. shale boom played a major part in a historic price collapse in 2014, and the recovery from shale fields threatens to weigh on oil prices.

Federal U.S. estimates show total crude oil production hit 9.78 million barrels per day in the week ending December 15, a record high that Craig said was out of reach because of the recent U.S. cold snap. OPEC, along with non-members including Russian Federation, have extended through the end of this year a deal to cut supply by 1.8 million bpd.

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