Heavy Canadian crude continued to trade at record levels in the US Gulf Coast Tuesday, buoyed by what market sources said was the combination of collapsing Venezuelan exports, the prospect of Iranian sanctions and a widening spread between Brent and WTI. Western Canadian Select at Nederland, Texas, was assessed at a premium of $2.50/b over the NYMEX CMA, the strongest differential since S&P Global Platts began publishing the assessment in 2016. WCS at Nederland was only assessed at a premium to the CMA for the first time June 1. One trading source Tuesday called the WCS trading levels at Nederland “unreal.” Another source said the grade in Houston was likely to continue rising relative to WTI as it tracks the upward trend of other crudes, such as Mars. Crudes along the US Gulf Coast have surged over the past week as the Brent/WTI front-month crude spread has moved to […]