Crude oil inventories in Western Canada stood around 33.8 million barrels as of April 24, 5.7 million barrels lower than levels in January and about 3.3 million below year-ago levels, data provider Genscape said.
Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, traded at $5.35 per barrel below WTI, according to NE2 Canada Inc, narrower than Wednesday’s settle of $5.50 under.
Pipeline operator Enbridge Inc estimated oil curtailments in Western Canada would reach 1 million to 1.5 million barrels per day in the second quarter.
Brent futures fell 26 cents, or 0.9%, to settle at $29.46 a barrel, while U.S. WTI crude lost 44 cents, or 1.8%, to settle at $23.55.