Light synthetic Canadian crude rose to a nine-year high versus the West Texas Intermediate (WTI) benchmark on Wednesday
Light synthetic crude from the oil sands for May delivery last traded at $6.90 a barrel over WTI, according to NE2 Canada Inc, surpassing last month’s high of $6.85 a barrel over the benchmark.
Upgrader maintenance in northern Alberta’s oil sands is cutting into synthetic supply throughout the second quarter and pushing prices higher.
Western Canada Select (WCS) heavy blend for May delivery in Hardisty, Alberta, settled at $12.80 a barrel below WTI, narrowing 10 cents from the previous day.
Global benchmark oil prices jumped, as a large increase in U.S. crude inventories failed to soothe worries about tight global supply, with major oil traders expected to shun Russian barrels.