A production problem at one of Canada’s largest oil sands facilities drove front-month U.S. crude futures to their steepest premium above second-month futures since 2014 on Monday. Canada is the world’s fourth-largest oil producer and could lose as much as 10 percent of its supply in July after a power outage last week shut the Syncrude facility in Alberta, which can produce up to 360,000 barrels per day. The outage will tighten Canadian supplies and reduce the crude flow to Cushing, Oklahoma, the delivery point of the U.S. crude futures contract, traders said. Front-month U.S. crude spread widened while U.S. crude’s discount to Brent narrowed on Monday after Syncrude, a joint venture majority owned by Suncor Energy Inc ( SU.TO ), said on Friday the facility would be offline at least through July. Tightening oil supply drove benchmark oil prices CLc1 LCOc1 in May to their highest […]