CANADA CRUDE-Synthetic rises on Enbridge Line 9 approval
* Nov synthetic trades at $1.00/bbl over WTI
* Nov WCS trades at $14.50/bbl below WTI (Updates prices, adds quote)
By Nia Williams
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 newly-reversed Line 9 crude pipeline.
Line 9 will ship 300,000 barrels per day of mostly light North American inland crude from Sarnia, Ontario, to Montreal, Quebec, displacing costlier barrels imported from overseas. The line used to flow in the opposite direction, taking imported crude to Ontario.
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 65 cents per barrel below WTI, tightening from $1.70 per barrel below the benchmark the previous day.
"Everyone is talking about Line 9 and that's the driving force behind the demand," said one Calgary-based crude trader. Continued...