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Heavy oil discount steady

Monday, 11 September 2023 | 00:00

The discount on Western Canada Select (WCS) heavy crude versus North American benchmark West Texas Intermediate (WTI) was little changed on Friday:

WCS for October delivery in Hardisty, Alberta, settled at $18.20 a barrel under WTI, according to brokerage CalRock, having traded between $18.20 and $18.15 a barrel under the U.S. benchmark on Thursday.

Canadian cash crude prices have steadied this week after widening slightly over the last month in anticipation of seasonal U.S. refinery maintenance reducing demand.

Global oil prices gained almost 1% to a nine-month high on rising U.S. diesel futures and worries about tight oil supplies after Saudi Arabia and Russia extended supply cuts this week.O/R
Source: Reuters (Reporting by Nia Williams in British Columbia; Editing by Shailesh Kuber)

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