Canada crude - Heavy grades steady as pipeline reopens
CALGARY, Alberta, June 14 (Reuters) - Canadian cash crude prices were broadly steady on Friday, holding within sight recent highs as Kinder Morgan Energy Partners LP restarted its 307,000 barrel per day Trans Mountain pipeline. Kinder Morgan shut the line on Wednesday when light crude oil was first spotted on the surface of the pipeline's right of way during routine maintenance. Repairs on the line, which carries crude from Edmonton, Alberta, to the Vancouver area and Puget Sound, are now complete. Western Canada Select heavy blend for July delivery traded at a discount of $10.50 per barrel below the West Texas Intermediate benchmark, according to Shorcan Energy Brokers. That compares with a settlement price of $10.75 per barrel below WTI on Thursday. Earlier this week heavy oil prices climbed to a nine-month high around $10 under the benchmark. Light synthetic crude from the oil sands for July delivery last traded at a premium of $11.30 per barrel above WTI, compared with Thursday's settlement price of $12.25 per barrel above the benchmark. Synthetic prices have risen this week in anticipation of tight supply after Syncrude Canada Ltd said a coker at its northern Alberta oil sands project would be shut for 50 days.
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