Canadian heavy crude’s discount to West Texas Intermediate (WTI) widened slightly on Wednesday.
Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, settled at $13.80 per barrel below the WTI benchmark, according to NE2 Canada Inc, widening from Tuesday’s settle of $13.70 a barrel under the benchmark.
One Calgary-based industry source said U.S. refinery demand was supporting Canadian crude prices as concerns about a third wave of the COVID-19 pandemic receded.
Light synthetic crude from the oil sands for July delivery settled at $2.10 per barrel below WTI, according to NE2, widening from Tuesday’s settle of $1.95 a barrel below the benchmark.
Global oil prices were steady after U.S. inventory data showed a surge in gasoline inventories due to weak fuel demand following U.S. Memorial Day weekend, traditionally the beginning of the peak summer driving season.