South Dakota Pipeline Spill Hits TransCanada Shares, Canada Crude Price
Western Canada Select for January delivery in Hardisty, Alberta, widened to $16.00 per barrel below the West Texas Intermediate benchmark, according to Shorcan Energy brokers. On Thursday January barrels settled at $15.50 per barrel below the U.S. benchmark.
Export pipeline shutdowns tend to deepen the discount on Canadian crude because barrels get bottlenecked in Alberta, leading to a glut in storage hubs like Hardisty and Edmonton.
TransCanada spokesman Terry Cunha said the company is assisting with the storage of crude in Hardisty, Alberta, where Keystone originates, and that it regrets the impact caused to customers.
Trading volumes were thin as Thursday was the last day of the monthly Canadian crude trading window. There was no trade in barrels for December delivery, according to Shorcan.
(Additional reporting by Ethan Lou in Calgary, Valerie Volcovici in Washington and Kevin O'Hanlon; Editing by David Gregorio)
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