Alberta Heavy oil differential narrows "The so-called "bitumen bubble," which was used to justify provincial cuts this spring, has burst, as Alberta bitumen passed the $85 per barrel mark this week.
That's almost double what Alberta was getting for its raw bitumen in January, when prices were about $45 per barrel. And since all prices are based on U.S. dollars, and the loonie has dropped in value compared to its American counterpart, Thursday's price of $85.50 looks even sweeter.
The most important international benchmark, West Texas Intermediate (WTI) oil at Cushing, Okla., was trading for $101 per barrel. And Western Canada Select (WCS), the benchmark blend that includes bitumen, was $91 per barrel at the Hardisty terminal, according to trading data from Flint Hills Resources.
The resulting differential of just $10 per barrel is considered excellent for western Canadian producers, and an improvement over the $16.50 average differential last month. In January, it was as high as $40"