Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $9.35 per barrel below WTI, according to NE2 Canada Inc. It settled on Friday at $9.40 under.
Even so, investment bank Raymond James estimates a net WCS price for the fourth quarter of C$34.55 per barrel, down 2% from its previous estimate, and a first-quarter 2021 estimate of C$33.20, down 7% from the previous estimate.
The Trans Mountain pipeline system is apportioned by 7% for October, the government-owned pipeline said last week.
Light synthetic oil from the oil sands for November delivery traded at $3.25 below WTI, tighter than Friday’s settle of $3.55 under.
Global oil prices rebounded, supported by robust economic data from China that offset returning supply in other regions. But gains were capped by forecasts for a slow recovery in global oil demand as coronavirus cases rise. 29dk2902l