* June WCS last seen at $19.25/bbl under WTI
* June synthetic at $0.75 above WTI
CALGARY, Alberta May 1 Canadian oil prices
weakened on Wednesday on expectations of abundant supply.
Western Canada Select heavy blend for June delivery last
traded at $19.25 per barrel below the West Texas Intermediate
benchmark, according to Shorcan Energy Brokers. That compares
with a settlement price on Tuesday of $17.50 per barrel under
Light synthetic crude from the oil sands last traded at a
premium of $0.75 per barrel over WTI, down from a settlement
price on Tuesday of $3.00 per barrel over the benchmark.
Two upgraders are expected to complete planned maintenance
work by early June. Suncor Energy Inc is scheduled to
complete a turnaround of its 100,000 barrel per day Upgrader 1
unit by the first week of next month.
Canadian Natural Resources Ltd plans a 24-day
shutdown of its 115,000 bpd Horizon oil sands upgrader in
northern Alberta due to begin in early May.
New heavy oil supplies are also expected to arrive in June.
Canadian Natural said in March that it expected new oil from its
Pelican Lake and Wodenhouse fields to hit the market next month
as it completes work to connect the fields.