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CANADA-CRUDE-Heavy oil discount narrows further on wildfire risk
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CANADA-CRUDE-Heavy oil discount narrows further on wildfire risk
Jul 5, 2024 2:22 PM

July 5 (Reuters) - The discount on Western Canada Select

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

Intermediate (WTI) tightened for a second consecutive day on

Friday:

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

$13.75 a barrel below WTI, according to brokerage CalRock,

having closed at $14.60 a barrel below WTI on Thursday.

* An out-of-control wildfire in the northern Alberta oil

sands region is threatening production, with very hot weather

forecast to continue over the next week.

* Suncor Energy ( SU ) has temporarily curtailed some

production at its 215,000 barrel-per-day (bpd) Firebag oil sands

site in northern Alberta as a precaution due to a nearby

wildfire.

* Global oil prices settled lower as the rising possibility

of a ceasefire deal in Gaza outweighed strong summer fuel demand

and potential supply disruptions from Gulf of Mexico hurricanes.

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