CANADA-CRUDE-Western Canada Select discount narrows further

Kitco Media
By Reuters
Published:
Updated:
Reuters
March 6 (Reuters) - Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) tightened slightly on Monday.


* WCS for April delivery in Hardisty, Alberta traded between $15.30 and $15.20 a barrel under the WTI, according to brokerage CalRock, having traded between $15.40 and $15.15 a barrel under WTI on Friday.
* WCS has been strengthening steadily this year as U.S. refinery demand for heavy barrels picks up following a weak 2022. Market players said the outlook for Canadian crude is also being supported by the opening of a new refinery in Mexico later this year and the prospect of the Trans Mountain pipeline expansion coming into service in early 2024.
* Light synthetic crude from the oil sands for April delivery traded $3.50 and $4.25 a barrel over WTI, according to CalRock.
* Global oil prices edged slightly higher on Monday, bouncing back from early losses, as top oil executives at an energy conference in Houston discussed supply tightness and hopes for rising Chinese demand. (Reporting by Laura Sanicola; Editing by Sherry Jacob-Phillips)

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