Canadian heavy crude’s discount to West Texas Intermediate (WTI) widened slightly on Wednesday:
Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, last traded at $11.15 per barrel below WTI, according to NE2 Canada Inc, widening from $10.95 per barrel below the benchmark on Tuesday.
The heavy crude differential remained within a narrow range between $10.80 per barrel and $11.80 per barrel below WTI that it has traded in since early February.
Light synthetic crude from the oil sands for April delivery traded at $2.50 a barrel over WTI, according to NE2, climbing from $2.15 a barrel over the benchmark on Tuesday.
Synthetic prices are being propped up by upcoming maintenance in the oil sands in the second quarter that will knock out a hefty portion of supply. ]
Global oil prices rose on an upbeat forecast for global economic recovery and as U.S. gasoline inventories plummeted, although price gains were limited due to a surge in crude oil inventories in the aftermath of last month’s Texas winter storm. 29dk2902l