Canadian heavy crude’s discount versus West Texas Intermediate (WTI) narrowed on Wednesday, with inventories low and demand steady.
Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $9.75 per barrel below WTI, according to NE2 Canada Inc. It settled on Tuesday at $9.90 under.
Producers have been restoring curtailed production, but maintenance has limited returning supplies, while demand for Canadian heavy oil has picked up due to declines in Venezuela.
Light synthetic oil from the oil sands for November delivery traded at $3 below WTI, narrower than Tuesday’s settle of $3.25 under.
Global oil prices fell nearly 2% after U.S. President Donald Trump dashed hopes for another stimulus package to boost the coronavirus-hit economy and after U.S. crude inventories rose in the most recent week.
Canada intends to impose binding standards for how much recyclable plastic content there has to be in products and packaging and wants new rules in place within 24 months.
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