Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, settled at $12 per barrel below WTI, according to NE2 Canada Inc, narrower than Wednesday’s settle of $12.75 under.
Canadian heavy prices have maintained a narrow differential with U.S. prices due to the potential of output being shut down if they get too low, a trader said.
Husky Energy on Thursday was the latest Canadian oil producer to cut 2020 spending and production.
The heavy differential dipped to as little as $10.50 on Monday, the smallest since Aug. 21, 2019.
Light synthetic crude from the oil sands ended at $1 under WTI, turning to a discount after Wednesday’s settle of $1.05 over.
Brent crude slid 7% after President Donald Trump restricted travel to the United States from Europe as part of measures to try to halt the spread of coronavirus.