MEG’s $156-million profit in the third quarter, however, was down from the previous quarter as oil prices came off their highs and price differentials widened between Canadian crude blends and the U.S. benchmark West Texas Intermediate.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
“Obviously, we’re not very pleased with the recent widening, but we believe it’s really a temporary change in the global supply-demand balance for heavy sour crudes,” MEG CEO Derek Evans said on a call with investors Thursday morning.Article content Evans said he expected demand for heavy sour crude to improve in coming months with the end of releases from the U.S. Strategic Petroleum Reserve , expanded sanctions on Russia, planned cuts to OPEC production and loosening COVID restrictions in China.
“We expect that are going to moderate as we move into next year, and they’ll tighten in line with reduced supply and increasing demand,” Evans said.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: financialpost - 🏆 7. / 85 Read more »