May 8 (Reuters) - The discount on Western Canada Select
(WCS) to the North American benchmark West Texas Intermediate
futures (WTI) widened on Thursday.
WCS for June delivery in Hardisty, Alberta, settled at $9.10
a barrel under the U.S. benchmark WTI, according to brokerage
CalRock, after having settled at $8.75 under the U.S. benchmark
on Wednesday.
* Canadian heavy crude has been trading at a tight discount
in recent months in part due to the opening of the Trans
Mountain pipeline expansion one year ago, which boosted the
country's oil export capacity. WCS also typically sees seasonal
strength this time of year as the return of summer driving
season ramps up refinery demand.
* Canadian crude has also benefited from U.S. sanctions on
Venezuela and other countries, which is boosting demand for
non-sanctioned heavy crude producers.
* Scott Stauth, president of Canada's largest oil producer
Canadian Natural Resources ( CNQ ), told analysts on a
conference call Thursday that he expects the Western Canada
Select discount to be maintained within a range of tightness for
the next few quarters.
* Global oil prices rose around 3% on Thursday, buoyed by
hopes of a breakthrough in looming trade talks between the U.S.
and China, the world's two largest oil consumers.