Canadian Crude Oils Rise in Light Trading for Military Holidays
Canadian crude oils rose in light trading as holidays recognizing military service were observed on both sides of the border.
Western Canada Select, a blend of heavy oils produced primarily from oil sands, rose 90 cents to a discount of $26 a barrel to the U.S. benchmark crude, West Texas Intermediate, as of 1:30 p.m. New York time, according to Net Energy Inc., a physical oil broker based in Calgary.
Syncrude, an upgraded light oil produced from the oil sands, rose 50 cents to trade at a discount of $5.25 a barrel against WTI.
Trading was lighter than normal because of observations of Veteran’s Day in the U.S. and Remembrance Day in Canada, Net Energy said.
Light Louisiana Sweet’s premium to WTI gained 95 cents to $22.20 a barrel at 1:35 p.m. New York time, according to data compiled by Bloomberg. Bonito Sour, from fields off the coast of Louisiana, gained $1.75 to a $19 premium.
Bakken crude delivered in Clearbrook, Minnesota, increased $1.25 to a $6.75 discount over WTI.
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