Heavy oil discount tightens

G. Samdani Avatar

·

·


CANADA-CRUDE-Heavy oil discount tightens

May 7 (Reuters)The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed further on Tuesday:

* WCS for June delivery in Hardisty, Alberta, traded at $11.50 a barrel below WTI, according to brokerage CalRock, after closing at $11.60 a barrel below the benchmark on Monday.

* Canadian heavy crude has traded at a discount of less than $12 a barrel to WTI since the start of this month’s trade cycle, when the 590,000 barrel per day (bpd) Trans Mountain pipeline expansion (TMX) started commercial operations.

* Canada’s second-largest oil producer Suncor Energy SU.TO reported record first-quarter production of 835,300 bpd, up 12.6% from a year earlier.

* Global oil prices closed slightly lower on signs of easing supply concerns, while market participants shifted their focus to U.S. stockpiles data due Wednesday.O/R

Reporting by Nia Williams in British Columbia; Editing by Alan Barona



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *