Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, was trading at $13.50 per barrel below WTI, according to NE2 Canada Inc, slightly narrower than Friday’s settle in thin trading of $13.55 under.
WCS prices are typically stronger in spring due to turnarounds at some production sites, a Calgary industry source said.
Indigenous protests related to opposition to the Coastal GasLink pipeline have blocked rail lines since early February, but a tentative deal was reached on Sunday between Canadian authorities and an indigenous group.
Alberta’s provincial government said on Thursday that it expected a heavy oil price differential of $19.10 per barrel in its 2020-21 fiscal year.
Light synthetic crude from the oil sands was trading at $1.50 over WTI, slightly narrower than Friday’s settle of $1.55 over.
Global oil prices rose over 4% as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.