Canadian heavy crude’s differential to benchmark West Texas Intermediate (WTI) crude held broadly steady on Friday, widening just 5 cents from the previous day:
Western Canada Select heavy blend crude for January delivery in Hardisty, Alberta, last traded at $18.75 per barrel below the WTI benchmark, according to NE2 Canada Inc, having settled at $18.70 per barrel below the U.S. crude benchmark on Thursday.
The market is holding steady despite the Trans Mountain pipeline being shut down since Nov. 14 because of heavy flooding in B.C. Trans Mountain ships 300,000 barrels per day of crude and refined products to Burnaby, British Columbia, from Alberta
Trans Mountain said on Wednesday it is only a few days away from restarting the pipeline at reduced capacity.
Global oil prices ended the day little changed after erasing earlier big gains on growing worries that rising coronavirus cases and a new variant could reduce global oil demand.