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Heavy crude discount widens to $20 per barrel below U.S. crude

November 5, 20212:58 PM Reuters0 Comments

A lone pumpjack is flanked by twin lightning strikes at 3:36am during a rare October electrical storm near Denver City, Texas. By Robert D. Flaherty
A lone pumpjack is flanked by twin lightning strikes at 3:36am during a rare October electrical storm near Denver City, Texas. By Robert D. Flaherty
Canadian heavy crude’s differential to West Texas Intermediate (WTI) widened further on Friday, trading at levels last seen in April 2020:

Western Canada Select heavy blend crude for December delivery in Hardisty, Alberta, last traded at $20.00 per barrel below the WTI benchmark, according to NE2 Canada Inc, widening from a settlement of $19.65 per barrel below the benchmark on Thursday.

Industry sources said a combination of factors including strong Canadian oil sands production and weak demand for heavy barrels on the U.S. Gulf Coast were weighing on WCS.

Enbridge Inc said its Line 3 oil pipeline, which started shipping more crude in October after a replacement project was completed, is operating at full capacity. A spokeswoman said there was some scheduled maintenance taking place, but it was not having a material impact on the pipeline.

Despite the deeper discount, the outright price of WCS remains relatively strong at more than $61 a barrel.

Global oil prices settled higher, fuelled by renewed supply concerns after OPEC+ producers rebuffed a U.S. call to accelerate output increases even as demand nears pre-pandemic levels.

Canadian Oil Sands Enbridge

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