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CANADA-CRUDE-Heavy oil differential stays around $12 after Trans Mountain sets startup date
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CANADA-CRUDE-Heavy oil differential stays around $12 after Trans Mountain sets startup date
Apr 4, 2024 2:59 PM

April 4 (Reuters) - The differential of Western Canada

Select (WCS) heavy crude versus the North American benchmark

West Texas Intermediate (WTI) traded in the $12 range on

Thursday, little changed from the previous session.

* WCS for May delivery in Hardisty, Alberta traded between

$12.40 and $12.60 below WTI, according to brokerage CalRock. On

Wednesday, May WCS ended the day at $12.55 below WTI.

* Trans Mountain said its expanded oil pipeline

would start operating on May 1.

* The project's progress has been the dominant factor in WCS

trading this month with the differential narrowing as the

pipeline moves closer to opening.

* Trans Mountain's startup date surprised analysts who were

expecting a later start during the second quarter.

* An industry source said there is skepticism about Trans

Mountain meeting its schedule.

* Global oil futures extended gains, settling up more than

$1 on Thursday, as geopolitical tensions and output cuts

outweighed caution about U.S. Federal Reserve rate cuts.

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