Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, traded at $10.25 per barrel below WTI, according to NE2 Canada Inc. It settled the previous day at $11.40 under.
The Enbridge Mainline has refilled much of the space that opened in spring when producers curtailed oil production, but not all of its capacity, keeping spreads in a holding pattern, said Martin King, senior analyst at RBN Energy.
The market appears to be signalling that the Mainline will not refill completely for a few more months as upcoming project maintenance will offset somewhat oil sands producers restoring shut-in barrels, King said.
Light synthetic crude from the oil sands for September delivery traded at $3 a barrel under WTI, wider than Tuesday’s settle of $2.80 under.
Global oil prices fell about 1% after rising earlier in the session as hopes dimmed for a swift stimulus package to relieve the U.S. economy as coronavirus cases increased globally.