Canadian heavy crude’s discount to West Texas Intermediate (WTI) widened on Friday, the first day of the monthly Canadian crude trading window.
Western Canada Select heavy blend crude for November delivery in Hardisty, Alberta, last traded at $12.05 per barrel below the WTI benchmark, according to NE2 Canada Inc, widening from the previous settlement of $11.70 a barrel below the benchmark.
The widening WCS differentials held close to levels hit last week, the tightest in five months, supported by Enbridge Inc completing its Line 3 replacement project, which will roughly double capacity on the export pipeline to 760,000 barrels per day.
Global oil prices rose above $78 a barrel, within sight of this week’s three-year high, supported by tight supplies due to OPEC+ curbs.