Syncrude Strengthens as Enbridge Starts Michigan Oil Pipeline

Syncrude (USCSSYNS) oil’s discount to the U.S. benchmark strengthened after Enbridge Inc. reopened a pipeline that transports crude to U.S. and Canadian refineries.

Enbridge returned the 491,200-barrel-a-day Line 5, shut Feb. 15 after a leak near Sterling, Michigan, to service at 7 a.m. local time, said Lorraine Little, an Enbridge spokeswoman in Superior, Wisconsin. The line carries oil from Superior to refineries near Sarnia, Ontario.

Syncrude’s discount to West Texas Intermediate futures narrowed $1.50 to $15.50 a barrel at 4:05 p.m. in New York, according to data compiled by Bloomberg.

Western Canada Select (USCSWCAS) strengthened 50 cents to a discount of $28.50 a barrel. Bakken (USCSUHC1) oil’s discount grew $3 to $13 a barrel below WTI.

In the U.S. Gulf Coast, Light Louisiana Sweet (USCSLLSS)’s premium to WTI lost $2.60 to $18.75 a barrel. Heavy Louisiana Sweet decreased $3.50 to a premium of $19.75.

Thunder Horse’s premium to WTI lost $2.50 to $18.25 and Mars Blend’s decreased $2.30 to $14.10. Poseidon (USCSPOSE)’s premium narrowed $2.25 to $13.90 a barrel. Southern Green Canyon (USCSSGCN)’s dropped $2.25 to $15 over WTI.

West Texas Sour (USCSWTSM)’s discount widened 5 cents to $3.80 a barrel.

To contact the reporter on this story: Aaron Clark in New York at aclark27@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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