Premiums for multiple lighter Canadian crude grades reached fresh records as US west coast refiners turned to Canadian volumes because of tightening global medium sour supply.
Premiums for medium sweet Syncrude at Edmonton, Alberta, surged to $19.85-$20/bl to May CMA Nymex, surpassing the previous record set on 1 April. Canadian light sweet benchmark Mixed Sweet at Edmonton rose to premiums of $12-12.65/bl to May CMA Nymex, also a record.
May-delivery Light Sour Blend at Cromer, Manitoba, reached premiums of $7-9.25/bl, surpassing its previous record set on 1 April. Canadian condensate at Fort Saskatchewan, Alberta, was heard trading around a $10.80/bl premium, leaving diluent in Namao, Edmonton, around a $10/bl premium.
Market sources noted that US west coast refiners are struggling to secure Mideast Gulf medium sour grades because of the war in that region, while competing Guyanese and Brazilian medium crude grades have become increasingly expensive due to strong Asia-Pacific and European demand. This may be pushing US west coast buyers towards Canadian light and medium grades as alternatives, supporting record premiums.
Refining margins across the US have also been supported by supply disruptions stemming from the US and Israel's war on Iran, lifting demand for Canadian grades. The US Gulf coast sweet 3-2-1 crack spread averaged $35/bl from 1-6 April, up from $20/bl in April 2025.
