Feb 1 (Reuters) - Western Canada Select (WCS) crude's
discount to the benchmark West Texas Intermediate (WTI) widened
on Wednesday as the new monthly trade cycle got underway:
* WCS for March delivery in Hardisty, Alberta, settled at
$22.90 a barrel below WTI, according to brokerage CalRock,
having traded at $22.55 a barrel under the benchmark earlier in
the day.
* Canadian heavy crude is steadying after weakening in the
second half of last year, when a number of factors including the
U.S. Strategic Petroleum Reserve release, U.S refinery outages
and high natural gas prices dampened demand for heavy sour
barrels.
* On Tuesday, Imperial Oil Chief Executive Brad
Corson told investors on an earnings call he expected WCS to
continue to strengthen and reach more normal levels later this
year, as the impact of those factors diminish.
* Global oil prices settled lower after sliding more than $3
a barrel in the session following U.S. government data that
showed big builds in crude oil, gasoline and distillate
inventories.
* The outright price of WCS was around $53.50 a barrel.
(Reporting by Nia Williams)
Messaging: nia.williams.thomsonreuters.com@reuters.net))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.