Differentials for light Canadian crudes rose as much as $3/barrel during afternoon trading Wednesday, jumping on stronger demand after a cycle shift.
Pipeline nominations for the July cycle were due Wednesday morning, signaling the start of the August market.
Syncrude, the benchmark for Canadian sweet grades, was heard bid at the calendar-month average of NYMEX light sweet crude (WTI CMA) minus $3.75/b in the morning. It was assessed by Platts at WTI CMA minus $4/b Tuesday.
Mixed Sweet, a commonly traded light grade, was heard done at WTI CMA minus $6.60/b Wednesday afternoon after trading at minus $7.50/b in the morning. Mixed Sweet was assessed at WTI CMA minus $9.60/b Tuesday.
