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

BOE Report

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

Heavy discount widens, still at tight levels on low stocks

October 14, 20201:57 PM Reuters0 Comments

Alberta oil well in canola field
Alberta oil well in canola field
Canadian heavy crude’s discount versus West Texas Intermediate (WTI) widened on Wednesday, but remained at tight levels on low inventories and recovering demand.

Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $9.65 per barrel below WTI, according to NE2 Canada Inc. It settled on Tuesday at $9.30 under.

The tight differential level is surprising, given that oil sands turnarounds are wrapping up and demand is seasonally weaker, said Matt Murphy, upstream analyst at Tudor Pickering Holt & Co.

Insufficient supply of heavy oil for U.S. Gulf refiners, along with low Western Canadian inventories are supporting prices, Murphy said.

Light synthetic oil from the oil sands for November delivery traded at $2.90 below WTI, narrower than Tuesday’s settle of $3.25 under.

Alberta’s oil output is 16% below pre-COVID levels, provincial Energy Minister Sonya Savage said.

Global oil prices strengthened as equities also rose and the dollar traded lower, even as concerns loomed that recovery in fuel demand will be stalled by soaring global coronavirus cases. 29dk2902l

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn
Sign up for the BOE Report Daily Digest E-mail
Latest Headlines
  • Oil hovers near 13-mth highs as storm hits U.S. output, Fed assures rates staying low
  • Remanufactured oilfield equipment products
  • Kelt provides results of its oil & gas reserves evaluation effective December 31, 2020
  • Petrus Resources announces year end 2020 financial, operating & reserves results; significant net debt reduction
  • Perpetual Energy Inc. reports fourth quarter and year-end 2020 financial and operating results and reserves

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





    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
    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
    © 2021 Grobes Media Inc.