Canada Oils Weaken as Enbridge Pipe Requires Restart Approval
The Calgary-based company shut Line 14, which runs from Superior, Wisconsin to the Griffith-Hartsdale area in Indiana, after the 317,600-barrel-a-day pipe spilled an estimated 1,200 barrels of oil July 27. Enbridge can’t start transporting crude on the line until it submits a plan to the U.S. Pipeline and Hazardous Materials Safety Administration for approval.
Western Canada Select’s discount widened 75 cents to $22.75 a barrel below West Texas Intermediate at 4:04 p.m. in New York, according to data compiled by Bloomberg.
Syncrude fell $1.50 to a discount of $5.50 versus the U.S. benchmark. Syncrude is a synthetic oil upgraded from tar-like bitumen in Alberta into refinery-ready crude.
Bakken oil’s discount widened $1 to $5 a barrel.
Heavy Louisiana Sweet’s premium to the U.S. benchmark was unchanged at $17 a barrel while Light Louisiana Sweet’s increased 5 cents to $17.45.
Poseidon’s premium added 45 cents to $11.85 and Southern Green Canyon increased 10 cents $11 a barrel over WTI. Mars Blend gained 30 cents to $12.40.
The premium for Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, was unchanged at $15.75.
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