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CANADA-CRUDE-Heavy oil discount widens for second day
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CANADA-CRUDE-Heavy oil discount widens for second day
Jun 4, 2024 3:05 PM

June 4 (Reuters) - The discount on Western Canada Select

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

Intermediate (WTI) deepened on Tuesday:

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

$13.35 a barrel below WTI, according to brokerage CalRock,

having settled at $12.50 a barrel under the benchmark on Monday.

* Canadian heavy crude prices are easing off after

tightening last month with the start-up of the 590,000

barrel-per-day (bpd) Trans Mountain pipeline expansion (TMX).

One broker said it appeared some market players were

disappointed by TMX taking longer than expected to ramp up

shipments.

* Oil production continues to surge, with data showing

Alberta output set a new April record of 3.93 million bpd, up

11% versus the same month time last year, according to ATB

Financial.

* TC Energy ( TRP ) shareholders voted in favour of

spinning off the Canadian company's liquids pipeline business on

Tuesday, creating a new energy infrastructure firm known as

South Bow Corp whose assets include the Keystone oil pipeline.

* Global oil prices fell more than $1 a barrel on scepticism

about an OPEC+ decision to boost supply later this year into a

global market where demand has already shown signs of

weakness.

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