* WCS for March delivery in Hardisty, Alberta, traded
between $15.55 and $15.25 a barrel under the WTI, according to
brokerage CalRock, having traded between $15.75 and $15.10 a
barrel under WTI on Wednesday.
* WCS has been strengthening this year, and on Wednesday hit
its narrowest discount in nine months, as the impact of a number
of bearish factors from 2022 dissipated. These include last
year's release from the U.S. Strategic Petroleum Reserve and
high natural gas prices that made refining heavy crude more
expensive.
* Refinery demand for heavy barrels is picking up, with
Mexico due to start operating a new refinery this summer.
* "The product is in demand, you're going to see some oil
out of Mexico go to its own refinery, so I feel it's very
constructive for the WCS piece," Tim McKay, president of
Canadian Natural Resources Ltd , said on an earnings
call.
* Many of Canada's oil sands projects will be undergoing
seasonal maintenance this spring, further supporting prices.
Canadian Natural said its Horizon and Scotford upgraders, which
produce synthetic crude, will start turnarounds in April and
May.
* Global oil prices rose, boosted by signs of a strong
economic rebound in top crude importer China and easing worries
of aggressive U.S. rate hikes. (Reporting by Nia Williams; Editing by Christopher Cushing)
March 2 (Reuters) - Western Canada Select (WCS) crude's
discount to the benchmark West Texas Intermediate (WTI) steadied
on Thursday:
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