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CANADA-CRUDE-Heavy oil discount narrows further
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CANADA-CRUDE-Heavy oil discount narrows further
May 6, 2024 5:23 PM

May 6 (Reuters) - The discount on Western Canada Select

(WCS) heavy crude versus the North American benchmark West Texas

Intermediate (WTI) tightened slightly on Monday:

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

$11.60 a barrel below WTI, according to brokerage CalRock, after

closing at $11.75 a barrel below the benchmark on Friday.

* Trading was rangebound, with a slow rally throughout the

day, one broker said.

* 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 Trans Mountain pipeline

expansion (TMX) started commercial operations.

* The WCS differential to U.S. crude is at its narrowest

since last July, according to Rory Johnston, founder of the

Commodity Context newsletter.

* Global oil futures ended largely unchanged as a ceasefire

agreement between Hamas and Israel continued to elude

negotiators.

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