Canadian heavy crude’s discount versus West Texas Intermediate (WTI) was trading flat on Thursday, with the market focused on the impact of additional production coming to market.
Western Canada Select (WCS) heavy blend crude for December delivery in Hardisty, Alberta, traded at $9.90 per barrel below WTI, according to NE2 Canada Inc, unchanged from the previous day’s settlement.
Canadian producers are raising production due to the lifting of Alberta government curbs and stable prices.
Canadian Natural Resources said it would raise oil production in December, without specifying the volume.
Storage levels in Western Canada remain low, Canadian Natural said.
Light synthetic oil from the oil sands for December delivery traded at $3.50 below WTI, slightly narrower than Wednesday’s settle of $3.55 under.
Global oil prices dropped, weighed down by the steady rise in coronavirus infections and as the outcome of the U.S. presidential election had still not been settled. 29dk2902l