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CANADA-CRUDE-Heavy oil discount narrows
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CANADA-CRUDE-Heavy oil discount narrows
Jul 10, 2024 3:39 PM

July 10 (Reuters) - The discount on Western Canada

Select (WCS) heavy crude versus the North American benchmark

West Texas Intermediate (WTI) narrowed on Wednesday:

* WCS for August delivery in Hardisty, Alberta, settled at

$13.50 a barrel below WTI on Wednesday, according to brokerage

CalRock, narrowing by 10 cents a barrel on the day below WTI.

* Refineries and offshore production sites on the U.S. Gulf

Coast had limited damage and largely returned to normal

operations on Wednesday following Hurricane Beryl, with some of

those Gulf Coast refineries consuming WCS.

* Alberta's wildfire agency said that as of Tuesday

afternoon, there were 34 wildfires burning in the High Level

forest area with 10 of them out of control, while one that was

classified as out of control in Fort McMurray forest area, about

eight kilometres (five miles) northeast of industrial

facilities.

* Last week, Suncor, Canada's second-largest oil

company, temporarily curtailed some production and evacuated

non-essential workers from its 215,000 barrel-per-day (bpd)

Firebag site because of a fire roughly eight kilometres (5

miles) away.

* In Ontario, Suncor shut down a unit at its 85,000

barrels-per-day Sarnia refinery for maintenance on Tuesday.

* Global oil prices settled higher on Wednesday after a jump

in U.S. refining activity last week drove a larger-than-expected

decline in gasoline and crude inventories, but gains were capped

due to minimal supply disruptions from Hurricane Beryl.

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