Canadian heavy crude’s discount to West Texas Intermediate (WTI) widened slightly on Monday.
Western Canada Select (WCS) heavy blend crude for October delivery in Hardisty, Alberta last traded at $11.75 per barrel below the WTI benchmark, according to NE2 Canada Inc, widening marginally from Friday’s settlement of $11.70 a barrel below WTI.
One industry source said refinery buyers were optimizing their crude slates, leading to some selling, but overall the Canadian market remained supported by outages on the U.S. Gulf Coast and increased capacity on Enbridge Inc’s Line 3 pipeline from next month.
Global oil prices rose to a six-week high as U.S. production remained slow to return two weeks after Hurricane Ida slammed into the Gulf Coast, while worries mounted about another storm that could affect output in Texas this week.