July 3 (Reuters) - The discount on Western Canada Select
(WCS) heavy crude versus the North American benchmark West Texas
Intermediate (WTI) was steady on Wednesday amid subdued trading
ahead of the U.S. Independence Day holiday:
* WCS for August delivery in Hardisty, Alberta, settled at
$15.55 a barrel below WTI, according to brokerage CalRock, flat
on the day.
* Gulf demand for Canadian crude has softened over the last
couple of weeks, said RBN Energy analyst Martin King on
Wednesday.
* In refining, analysts pointed to scheduled maintenance at
BP's 435,000-barrel-per-day (bpd) Whiting, Indiana,
scheduled to start this month and last until September. Whiting
is a major consumer of Canadian heavy crude.
* However the expansion of the Trans Mountain pipeline will
likely provide some support to WCS differentials, with about 20
ships loading crude oil on Canada's West Coast in the first full
month of operation on the newly expanded pipeline.
* While just shy of estimates, analysts say the loadings
represent a strong start to operations.
* Global oil prices gained about 1% after a
larger-than-expected decline in U.S. crude stocks, but gains
were capped by concerns about rising global inventories in thin
trading ahead of the U.S. Independence Day holiday.