Canadian heavy crude’s discount versus West Texas Intermediate (WTI) narrowed on Monday, the final day of the trading cycle.
Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, traded at $9.15 per barrel below WTI, according to NE2 Canada Inc. It settled Friday at $9.85 under.
Canadian heavy oil prices are supported by big weekly inventory draws, as rebuilding demand grows faster than returning production, a trader said. Plunging Venezuelan production is adding to demand for Canadian oil, he added.
Oil sands producer Suncor Energy said on Monday it would accelerate maintenance after a fire Aug.14 at its base operations. It did not disclose production impacts but said two upgrading units were running at minimum rates.
Global oil prices rose as OPEC+ producers almost fully complied with a global accord on production cuts, and after U.S. officials said China is in compliance with the first phase of the two nations’ trade deal.