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(Reuters) – The discount on Western Canada Select to North American benchmark West Texas Intermediate futures widened on Friday.
WCS for December delivery in Hardisty, Alberta, settled at $11.65 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared to Thursday’s close of $11.45.
- The differential is higher than last month but remains tight by historical standards.
- Analysts point to strong international buying of Canadian crude off the Pacific coast via the Trans Mountain pipeline, especially by China. Buying of Canadian barrels for re-export out of the Gulf Coast has also been stronger than usual in reaction to additional sanctions on Russia.
- Canadian pipeline operator Enbridge ENB.TO said on Friday it plans early next year to formally gauge commercial interest in a second phase of capacity expansion on its Mainline crude pipeline network, which carries oil from Western Canada to markets in Eastern Canada and the U.S. Midwest. The company said if the project goes ahead, it could add 250,000 barrels per day of additional capacity on the Mainline by 2028, helping to meet rising demand for export access from Canadian oil shippers.
- Globally, crude prices recovered from a midday dip on Friday on hopes Hungary can use Russian crude oil as U.S. President Donald Trump met Hungary’s Prime Minister Viktor Orban at the White House.
Reporting by Amanda Stephenson in Calgary; Editing by Tasim Zahid
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