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

BOE Report

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

Heavy discount narrows as output cuts look to ease glut

April 14, 20202:45 PM Reuters0 Comments

West Texas Oil Well
West Texas oil wells
Canadian heavy crude’s discount versus the U.S. benchmark West Texas Intermediate (WTI) oil narrowed on Tuesday, as traders factored in OPEC+ supply cuts that look to ease a global glut, and space on Canadian pipelines.

Cuts totaling 9.7 million barrels per day take effect in May, although they fall well short of estimates for lost demand due to the COVID-19 pandemic.

A Calgary-based industry source said the market was “extremely confused” trying to account for curtailments, plunging demand and storage levels.

Available pipeline capacity in Western Canada has improved access to markets, however, for Canadian oil. Enbridge Inc’s pipeline network is running with unused space.

Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, traded at $14.75 per barrel below WTI, according to NE2 Canada Inc, narrower than Monday’s settle of $16.85 under.

Global oil prices fell around 6% on investor fears about lost demand due to the pandemic.

Light synthetic crude for May delivery traded at $9.10 below WTI, narrower than Monday’s settle of $11 under.

Enbridge

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • Canada’s weekly rig count at 205
  • Oil prices slip on cloudy demand outlook, but poised for weekly gain
  • U.S. natgas futures slide 3% on cooler forecasts, lower demand
  • PetroChina announced intention to delist the American depositary shares from the NYSE
  • Heavy and synthetic crude steady

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

    Report Error





    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
    • Editorial 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
    © 2022 Grobes Media Inc.