• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Columns
    • Discussions
  • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAODC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Well Licences
    • USA Market Data
    • Data Subscription
  • Jobs

Heavy discount narrows to nearly three-month low

February 11, 20201:20 PM Reuters0 Comments

Canadian heavy crude’s discount versus U.S. benchmark West Texas Intermediate (WTI) crude narrowed on Tuesday to a nearly three-month low, as the impact of frigid weather last month hampered production.

Western Canada Select (WCS) heavy blend crude for March delivery in Hardisty, Alberta, was trading at $15.75 per barrel below WTI, according to NE2 Canada Inc, narrower than Monday’s settle of $16.75 under.

The differential’s lowest price, $15.65, represented the narrowest WCS-WTI differential since mid-November.

Cold weather in Alberta last month reduced output and helped drain inventories, and that factor is more than offsetting the impact of slowing rail movement, a trader said.

Canada said last week it would impose temporary speed limits on trains hauling dangerous goods after a Canadian Pacific Railway Ltd crude oil train derailed.

Protests related to the Coastal GasLink pipeline were disrupting rail shipments. Canadian National Railway Co said it would be forced to shut down significant parts of its Canadian rail network unless blockades are removed.

Alberta has agreed to divest its contracts to move additional crude by rail to market, Premier Jason Kenney said, but he declined to release details and said the agreements were still being finalized.

Upcoming turnarounds at oil sands sites were seen as supportive to prices.

Light synthetic crude from the oil sands was trading at $2.50 below WTI, narrower than Monday’s settle of $4.15 under.

Global oil prices rose from a 13-month low as the number of new coronavirus cases slowed in China, easing some concern over the potential for lengthy oil demand destruction.

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn
Sign up for the BOE Report Daily Digest E-mail
Latest Headlines
  • Canada unveils GHG reduction credits to boost carbon trading market
  • Canada’s weekly rig count drops 5 to 172
  • AER suspends SanLing Energy Ltd.’s operations
  • U.S. drillers add oil and gas rigs for second week in a row
  • Tamarack Valley Energy upsizes previously announced financing

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView





    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2021 Grobes Media Inc.