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Heavy crude discount widens

May 6, 20213:29 PM Reuters0 Comments

Railcars holding crude oil
Railcars holding crude oil

Canadian heavy crude’s discount to West Texas Intermediate (WTI) widened on Thursday.

Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, widened to last trade at $13.25 per barrel below WTI, according to NE2 Canada Inc, deepening from Wednesday’s discount of $12.85 per barrel below the benchmark.

Light synthetic crude from the oil sands for June delivery settled at $1.10 per barrel below WTI, according to NE2. On Wednesday it settled at $1.35 below U.S. futures.

Canadian Natural Resources Ltd said on Thursday it has completed a turnaround at the 250,000 barrel per day Horizon upgrader and expects to resume synthetic crude production on May 8.

Global oil prices settled lower, under pressure from rising COVID-19 infections in India and elsewhere although prices retained some support from a report a day earlier that U.S. crude inventories fell more sharply than expected.

 

Canadian Natural Resources

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