Canadian heavy crude’s discount to West Texas Intermediate (WTI) widened on Tuesday.
Western Canada Select heavy blend crude for October delivery in Hardisty, Alberta last traded at $12.00 per barrel below the WTI benchmark, according to NE2 Canada Inc, widening from Monday’s settlement of $11.70 a barrel below the benchmark.
Traders remain focused on the expansion of Enbridge Inc’s Line 3 pipeline, which will start to offer increased capacity from October. One industry source said market activity was slow as traders waited to see how apportionment on the Enbridge Mainline system – the network of export pipelines shipping crude to the United States – would be next month.
Global oil prices ended largely unchanged as tropical storm Nicholas brought heavy rain and power outages in Texas but caused less damage to U.S. energy infrastructure than Hurricane Ida caused earlier this month.