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CANADA-CRUDE-Heavy oil discount widens
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CANADA-CRUDE-Heavy oil discount widens
Jun 3, 2024 5:20 PM

June 3 (Reuters) - The discount on Western Canada Select

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

Intermediate (WTI) widened on Monday as the new monthly trade

cycle got underway:

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

$12.50 a barrel below WTI, according to brokerage CalRock,

having settled at $11.75 a barrel under the benchmark on Friday.

* Canadian heavy crude prices remain relatively strong,

however, gaining support from increased access to global markets

via the 590,000 barrel-per-day Trans Mountain pipeline

expansion, which started operating last month.

* Chinese refiner Rongsheng Petrochemical has

bought its first Canadian crude cargo via Trans Mountain from

TotalEnergies through a tender, several trade sources

said on Monday.

* Global oil prices tumbled by $3 a barrel to their lowest

in nearly four months, as investors worried that a complicated

OPEC+ output decision could lead to higher supplies later in the

year even though demand growth has been slow.

(Reporting by Nia Williams in British Columbia; Editing by Anil

D'Silva)

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