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.