Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, last traded at $12.60 per barrel below WTI, according to NE2 Canada Inc, narrowing from Tuesday’s discount of $12.90 per barrel below the benchmark.
Light synthetic crude from the oil sands for June delivery traded at $1.20 per barrel below WTI, according to NE2, the discount widening from Tuesday’s settle of 75 cents per barrel below U.S. futures.
One Calgary-based market source said traders were paying attention to fuel shortages in the U.S. stemming from the Colonial pipeline shutdown, but prices in the Alberta marketing hub of Hardisty were largely unaffected.
Pipeline company Enbridge Inc is defying an order from the U.S. state of Michigan to shut down its 540,000 barrel per day Line 5 pipeline, deepening a long-running feud over the line.
Global oil prices rose to an eight-week high as U.S. crude exports plunged, and on signs of a speedy economic recovery and upbeat forecasts for energy demand.