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Canadian oil outages, bad weather to tighten inventories at key US storage hub

11 June 2026 at 22:15

Wet weather and a power outage at Cenovus oilsands operations have helped push American oil reserves to their lowest level since 2020.

Refineries in the U.S. ‌Midwest, which have no access to waterborne crude supplies, are heavily dependent on Canadian oil and many of the region's refineries have been designed to handle oil sands crude.

Global oil inventories headed to lowest level in decades, U.S. EIA warns

Globalnews

By: Ken MacGillivray

9 June 2026 at 19:50

The Middle East conflict has caused global stockpiles of oil to plummet to their lowest level since 2003 while petroleum prices have spiked, according to a new energy data report.