May 4, 2017 / 9:42 PM / 2 years ago

Heavy and synthetic grades ease

CALGARY, Alberta (Reuters) - Canadian cash crude differentials weakened slightly on Thursday, continuing to trend lower as the resumption of shipments from the Syncrude oil sands project in northern Alberta eased concerns about tight supply.

Light synthetic crude from the oil sands for June delivery last traded at 45 cents per barrel over the West Texas Intermediate benchmark, according to Shorcan Energy brokers, edging lower from a settle of 50 cents a barrel above WTI on Wednesday.

The 350,000-barrel-per-day Syncrude project is ramping up production after being forced to cut rates in March following a fire at the facility and is expected to return to full capacity in June.

On Monday majority-owner Suncor Energy (SU.TO) said the mining and upgrading facility was shipping 140,000 bpd.

The discount on Western Canada Select heavy blend crude for June delivery widened marginally to $9.30 per barrel below WTI. That compares with a settle the previous day of $9.25 per barrel under U.S. crude.

Reporting by Nia Williams; Editing by Sandra Maler

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