Canadian heavy crude’s discount to West Texas Intermediate (WTI) widened slightly on Friday.
Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, traded at $14 per barrel below the WTI benchmark, according to NE2 Canada Inc, widening from Thursday’s settle of $13.95 a barrel under the benchmark.
The Canadian heavy crude differential has held in a narrow range between $14.60 a barrel and $13.70 a barrel below U.S. futures so far this month.
Increasing Midwest refining demand, some unplanned oil production issues and upcoming maintenance at an oil sands site have kept the discount small, an industry source said.
Global oil prices reached fresh multi-year highs, closing out a third straight week of gains on an improved outlook for worldwide demand as rising COVID-19 vaccination rates help lift pandemic curbs.