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Heavy discount widens on first day of new trade cycle

May 3, 20213:12 PM Reuters0 Comments

Alberta oil well in canola field
Alberta oil well in canola field
Canadian heavy crude’s discount to West Texas Intermediate (WTI) widened on Monday, the first day of the new monthly trade cycle:

Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, widened to last trade at $12.00 per barrel below WTI, according to NE2 Canada Inc, down 25 cents from the previous settle.

Light synthetic crude from the oil sands for June delivery traded at $1.00 per barrel below WTI, according to NE2, having previously settled at 50 cents a barrel below the benchmark.

One Calgary-based industry source said traders are keeping an eye on developments in northern Alberta’s oil sands region, where there are COVID-19 outbreaks at 12 oil sands plants.

Global oil prices rose more than 1% as Chinese economic figures and U.S. vaccination rates pointed to a strong rebound in demand in the world’s two largest economies.

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