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Heavy crude narrows in brisk trade

June 2, 20213:16 PM Reuters0 Comments

crude oil rail cars

Canadian heavy crude’s discount to West Texas Intermediate (WTI) narrowed on Wednesday.

Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, last traded at $14.10 per barrel below the WTI benchmark, according to NE2 Canada Inc, tightening from Tuesday’s settle of $14.65 a barrel.

One Calgary-based industry source said trade was relatively busy on the second day of the monthly trade cycle.

Light synthetic crude from the oil sands for July delivery widened to $1.80 per barrel below WTI, according to NE2, having settled at $1.70 a barrel on Tuesday.

Global oil prices surged, hitting their highest in more than a year on a decision by OPEC and allies to stick to the plan to gradually restore supply, along with the slow pace of nuclear talks between Iran and the United States.

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