Canadian Oil Crunch Hits Global Markets

Western Canada’s oil sands are in crisis—flooding and a major power outage at Cenovus Energy have triggered force majeure declarations, hitting an already strained global market. With a fifth of global oil shipments stuck in the Strait of Hormuz and U.S. inventories plummeting, Canada’s critical role as America’s top foreign oil supplier is under fire. Midwest refineries, built for Canadian crude, are feeling the pinch as demand surges from Asia seeking secure supplies. The Trans Mountain pipeline is now running at full capacity, and Canadian heavy crude inventories hit their lowest since 2020—pushing prices up and narrowing the gap with WTI. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/ba4000df28ee3956