The premium on Canadian synthetic crude versus the West Texas Intermediate benchmark held steady at an elevated level on Thursday, while the discount on heavy crude was also unchanged.
Western Canada Select heavy blend crude for June delivery in Hardisty, Alberta, settled at $13.75 a barrel below WTI, according to NE2 Group.
Light synthetic crude from the oil sands for June delivery settled at $7.95 a barrel over WTI, according to NE2 Group, also unchanged from Wednesday’s settlement price.
Upgrader maintenance in the oil sands is cutting into synthetic crude supply, and boosting prices. Synthetic premiums are expected to ease next month as maintenance turnarounds wrap up.
Global oil prices were mixed as supply concerns and geopolitical tension in Europe got the upper hand over the economic fears dogging financial markets amid soaring inflation.