Canadian heavy crude’s discount to West Texas Intermediate (WTI) narrowed slightly on Thursday:
Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, last traded at $10.35 per barrel below WTI, according to NE2 Canada Inc, tightening from Wednesday’s settlement of $10.50 per barrel below the benchmark.
Synthetic crude from the oil sands settled at a discount of 10 cents a barrel below WTI, narrowing from the previous settle of 25 cents per barrel below the benchmark.
Maintenance in the oil sands is helping support prices in recent weeks, but Canadian Natural Resources Ltd’s 30-day Horizon turnaround is scheduled to be finished by May, which will increase supply.
But Suncor Energy Inc’s base plant and its Syncrude project will both still be in turnaround in May.
Global oil prices were little changed as a falling dollar and rising stock markets offset earlier declines caused by a big increase in U.S. gasoline stockpiles and subdued demand compared with pre-pandemic levels.
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