CANADA-CRUDE-Western Canada Select discount tightens

Kitco Media
By Reuters
Published:
Updated:
Reuters
Feb 8 (Reuters) - Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) narrowed on Wednesday:
* WCS for March delivery in Hardisty, Alberta, strengthened throughout the day from $19.60 a barrel under WTI to finish at $19.00 a barrel below the U.S. benchmark, according to brokerage CalRock.


* Canadian heavy crude has been steadily narrowing this year and is expected to strengthen further, investment firm Eight Capital said in a research note, due to the opening of Mexico's 340,000 barrel per day Dos Bocas refinery in July.
* "We expect this to take that much Maya away from the U.S. Gulf coast, thus increasing demand for Canadian heavy oil in the U.S.," Eight Capital analysts said.
* Global oil prices rose for a third straight day as investors felt more comfortable with risk a day after the Federal Reserve chair's remarks eased concerns about future interest rate hikes.
* The outright price of WCS was just under $60 a barrel. (Reporting by Nia Williams Editing by Chris Reese)

Messaging: nia.williams.thomsonreuters.com@reuters.net))
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