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CANADA-CRUDE-Heavy oil discount tightens
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CANADA-CRUDE-Heavy oil discount tightens
Jun 6, 2024 4:58 PM

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

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

Intermediate (WTI) narrowed on Thursday:

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

$13.05 a barrel below WTI, according to brokerage CalRock,

having settled at $13.40 a barrel under the benchmark on

Wednesday.

* Canadian heavy crude prices are being supported by the

start-up of the 590,000 barrel-per-day Trans Mountain pipeline

expansion, which is helping transport high production from the

oil sands to market.

* Global oil prices settled up 2% after the European Central

Bank opted to cut interest rates, spurring hopes that the Fed

will follow suit, and OPEC+ ministers reassured investors the

latest oil output agreement could change depending on the

market.

(Reporting by Nia Williams in British Columbia; Editing by

Subhranshu Sahu)

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