The premium on Canadian synthetic crude versus the West Texas Intermediate benchmark climbed on Monday, the final day of the trading window, while the discount on heavy crude held steady.
Western Canada Select heavy blend crude for June delivery in Hardisty, Alberta, settled at $13.65 a barrel below WTI, according to NE2 Group, unchanged from Friday’s settlement.
Light synthetic crude from the oil sands for June delivery settled at $8.35 a barrel over WTI, climbing 40 cents.
Monday is the last day of the monthly Canadian crude trading window, when the bulk of activity takes place. It lasts from the first of each month until the day before pipeline nominations are due.
Synthetic prices have been boosted by maintenance on oil sands upgraders that cut into supply. However, prices are expected to ease next month as turnarounds wrap up.
Global oil prices rose on optimism that China would see significant demand recovery after positive signs that the coronavirus pandemic was receding in the hardest-hit areas.