The oil patch may be in for a particularly grim Christmas – but Canadian Natural Resources Ltd. is convinced energy companies will ring in a new year flush with cash.
December, however, looks rough. Forward pricing on Canadian heavy oil shows it trading at $30 (U.S.) a barrel below the benchmark WTI. At the same time, other heavy blends, like the Gulf Coast-traded Maya, are set for a $6 premium. So the all-in discount for Canadian oil checks in at a hefty $36.