Canadian crudes jumped on the spot market on concern that frigid temperatures will affect northern production and transportation. Temperatures in Fort McMurray, Alberta , where the bulk of Canadian oil-sands production is centered, dropped to minus 38 degrees Celsius (minus 36.4 Fahrenheit) late yesterday, according to The Weather Network. “There is no doubt that the cold weather is impacting operations up there,” said Andy Lipow , president of Houston-based Lipow Oil Associates LLC. “The market may be sensing that there is going to be some reduction in supplies.” Western Canadian Select heavy oil for February delivery reached the strongest level in five months, narrowing its discount to West Texas Intermediate oil by $3.90 a barrel to $19.85, according to Calgary oil broker Net Energy Inc. Contracts for March and second-quarter delivery also gained at least $2 a barrel. “Anything below minus 30 would probably be a threshold,” said Mike […]