Canadian Oil Has Record Day After Enbridge Scraps New Rules
- Enbridge drops plan to limit, verify shipments on mainline
- Producers have strong say in market participation: Auspice
Photographer: Ben Nelms/Bloomberg
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Canadian crude surged by the most ever after Enbridge Inc. said it won’t implement a new procedure to stop shippers from claiming more space than they can use on a key pipeline linking Alberta’s oil sands with U.S. refineries.
Western Canadian Select jumped as much as $12.20 a barrel to $13.80 below the U.S. benchmark Monday, the narrowest spread since May 16. Canadian crudes have weakened to historically low levels in recent weeks as growing production overwhelms available pipeline capacity to transport Alberta’s supplies south of the border.