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Heavy discount narrows on low inventories, steady demand

October 5, 20201:50 PM Reuters0 Comments

Alberta oil well in canola fieldCanadian heavy crude’s discount versus West Texas Intermediate (WTI) narrowed on Monday, reflecting low inventories and steady demand.

Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $9.60 per barrel below WTI, according to NE2 Canada Inc. It settled on Friday at $10 under.

Rising production as curtailments are reversed looks likely to increase inventories this autumn and push the heavy differential wider, a Calgary trading source said.

Light synthetic oil from the oil sands for November delivery traded at $3.50 below WTI, narrower than Friday’s settle of $3.90 under.

Global oil prices surged after doctors said U.S. President Donald Trump could soon be discharged from the hospital where he is being treated for COVID-19.

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