Canadian synthetic and Bakken crude rise on Line 9 approval

Thu Oct 1, 2015 12:19pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

CALGARY, Alberta Oct 1 (Reuters) - Canadian light synthetic crude and North Dakota Bakken crude for November delivery strengthened on Thursday after Enbridge Inc received approval from regulators to open its Line 9 crude pipeline.

Line 9 will ship 300,000 barrels per day of mostly light inland crude to Montreal, Quebec.

Enbridge has not yet said when the pipeline will start operating but traders said there was demand for light crude in anticipation of the line being filled in the next month or so.

Light synthetic crude from the oil sands last traded at $1.00 per barrel above the West Texas Intermediate benchmark, according to Shorcan Energy brokers, up from 10 cents per barrel below the benchmark on Wednesday.

Bakken crude delivered to Clearbrook, Minnesota, traded at 70 cents per barrel below WTI, up $1.00 from the previous day. (Reporting by Nia Williams and Elizabeth Hampton)