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CANADA CRUDE-Heavy widens on first day on new trade cycle

Published 2016-02-01, 05:58 p/m
© Reuters. CANADA CRUDE-Heavy widens on first day on new trade cycle
CL
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CALGARY, Alberta, Feb 1 (Reuters) - Canadian heavy crude
differentials widened on Monday, the first trade of the new
monthly trade cycle, taking the outright price of benchmark oil
sands barrels down to less than $16.
Western Canada Select heavy blend crude for March delivery
in Hardisty, Alberta, last traded at $15.75 per barrel below the
West Texas Intermediate benchmark, according to Shorcan Energy
brokers, compared with a settlement price on Friday of $15.15
per barrel below WTI.
Traders in Calgary reported good volumes as the March trade
window, which runs for 2-1/2 weeks from the first of the month
until the day before pipeline nominations are due, got underway.
Widening differentials and a 6 percent slide in U.S. crude
CLc1 pushed the absolute price of WCS to around $15.87 a
barrel, a level at which most oil sands projects struggle to
cover the cost of production, blending and transportation.
Light synthetic crude from the oil sands for March delivery
widened slightly to 40 cents per barrel below WTI, having traded
at 30 cents a barrel on Friday.

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