financetom
World
financetom
/
World
/
CANADA-CRUDE-Heavy oil discount tightens
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
CANADA-CRUDE-Heavy oil discount tightens
May 7, 2024 5:20 PM

May 7 (Reuters) - The discount on Western Canada Select

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

Intermediate (WTI) narrowed further on Tuesday:

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

$11.50 a barrel below WTI, according to brokerage CalRock, after

closing at $11.60 a barrel below the benchmark on Monday.

* 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 (bpd) Trans Mountain pipeline

expansion (TMX) started commercial operations.

* Canada's second-largest oil producer Suncor Energy ( SU )

reported record first-quarter production of 835,300 bpd, up

12.6% from a year earlier.

* Global oil prices closed slightly lower on signs of easing

supply concerns, while market participants shifted their focus

to U.S. stockpiles data due Wednesday.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Copyright 2023-2025 - www.financetom.com All Rights Reserved