The discount on Canadian heavy crude narrowed on Friday to trade at less than $11 a barrel:
* Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, last traded at $10.65 per barrel below West Texas Intermediate (WTI) oil, according to Net Energy Exchange. On Thursday, WCS for August delivery settled at $11.15 a barrel below WTI crude futures.
* Heavy crude differentials have narrowed throughout the week, with traders citing lower western Canadian inventories as a factor supporting prices.
* Data from energy information provider Genscape on Monday showed Western Canadian crude inventories declined slightly in June to 30.5 million barrels.
* The government of Alberta, Canada's main crude-producing province, has capped oil production for August at 3.74 million barrels per day, easing curtailments from 3.71 million bpd in July.
* Many industry players are attending events at the Calgary Stampede, a 10-day rodeo in Canada's corporate oil capital that kicked off last Friday.
* Light synthetic crude from the oil sands for August delivery was unchanged from Thursday's settle of 55 cents a barrel over WTI.
* U.S. WTI crude settled up 1 cent at $60.21 a barrel as disruptions to U.S. Gulf of Mexico crude supply caused by a tropical storm were offset by concerns over a global crude surplus in the months ahead.
(Reporting by Nia Williams in Calgary Editing by Matthew Lewis)
Heavy crude differential tightens further
The discount on Canadian heavy crude narrowed on Friday to trade at less than $11 a barrel:
* Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, last traded at $10.65 per barrel below West Texas Intermediate (WTI) oil, according to Net Energy Exchange. On Thursday, WCS for August delivery settled at $11.15 a barrel below WTI crude futures.
* Heavy crude differentials have narrowed throughout the week, with traders citing lower western Canadian inventories as a factor supporting prices.
* Data from energy information provider Genscape on Monday showed Western Canadian crude inventories declined slightly in June to 30.5 million barrels.
* The government of Alberta, Canada's main crude-producing province, has capped oil production for August at 3.74 million barrels per day, easing curtailments from 3.71 million bpd in July.
* Many industry players are attending events at the Calgary Stampede, a 10-day rodeo in Canada's corporate oil capital that kicked off last Friday.
* Light synthetic crude from the oil sands for August delivery was unchanged from Thursday's settle of 55 cents a barrel over WTI.
* U.S. WTI crude settled up 1 cent at $60.21 a barrel as disruptions to U.S. Gulf of Mexico crude supply caused by a tropical storm were offset by concerns over a global crude surplus in the months ahead.
(Reporting by Nia Williams in Calgary Editing by Matthew Lewis)