Production cuts have supported Canadian crude prices at Edmonton and Hardisty, with the consequence of closing the arbitrage to the US Gulf coast. Meanwhile, the trade of Canadian crude at Houston has proved a much better reflection of the daily heavy crude value at the US Gulf coast than the Maya formula, which is set monthly on the basis of light crude prices. Brett Holmes, market reporter, and Alex Endress, crude reporter, talk with Jeff Kralowetz, VP crude and NGLs, about the market shifts.