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Canadian Crudes Weaken as Pipeline Capacity Limits Shipments

Canadian oils weakened as demand to ship crudes on pipelines exceeded capacity and planned maintenance limits flows.

Enbridge Inc.’s Spearhead pipeline was oversubscribed by 94 percent for July oil shipments, the company said in an e-mail. Spearhead transports crude from Flanagan, Illinois, to Cushing, Oklahoma.

The company will shut its Line 5 crude oil pipe to Sarnia, Ontario, from Superior, Wisconsin, from July 17 to 20 to conduct tests, two people with direct knowledge of the plans said June 8. Delivery nominations on the pipe next month will be apportioned by 26 percent, Enbridge said June 22.

Syncrude’s discount widened $1 to $4.50 below West Texas Intermediate at 4:05 p.m. in New York, according to data compiled by Bloomberg. Syncrude is a synthetic oil upgraded from tarlike bitumen in Alberta into refinery-ready crude.

Western Canada Select’s discount widened 50 cents to $27 a barrel.

Bakken oil’s discount widened 50 cents to $13.50 below WTI.

On the U.S. Gulf Coast, Light Louisiana Sweet’s premium to WTI lost 5 cents a barrel to $12.30. Heavy Louisiana Sweet strengthened 30 cents to $13.90 over WTI.

Poseidon’s premium to WTI lost 20 cents to $7.80 a barrel. Southern Green Canyon’s premium narrowed 50 cents a barrel to $8. Mars Blend’s premium lost 20 cents to $8.80 a barrel.

Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, added 15 cents to $11.15 a barrel over WTI.

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