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CANADA-CRUDE-Heavy oil discount narrows
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CANADA-CRUDE-Heavy oil discount narrows
Jun 10, 2024 5:21 PM

June 10 (Reuters) - The discount on Western Canada

Select (WCS) heavy crude versus the North American benchmark

West Texas Intermediate (WTI) narrowed on Monday:

* WCS for July delivery in Hardisty, Alberta, traded at

$12.85 a barrel below WTI, according to brokerage CalRock,

having settled at $12.95 a barrel under the benchmark on Friday.

* Canadian heavy barrels have traded in a fairly tight range

so far this month, supported by the start-up of the 590,000

barrel-per-day (bpd) Trans Mountain pipeline expansion last

month.

* The forward curve indicates the discount on WCS should

remain tighter than its historical average, with the 2025

forward strip at $14.44 a barrel under WTI, National Bank

analysts said in a note to clients.

* Global oil prices climbed about 3% to a one-week high,

buoyed by hopes of rising fuel demand this summer despite a

stronger U.S. dollar and expectations the U.S. Federal Reserve

will leave interest rates higher for longer.

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