Canadian heavy crude’s discount to West Texas Intermediate (WTI) was steady on Tuesday.
Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $13.15 per barrel below the WTI benchmark, according to NE2 Canada Inc, unchanged from Monday’s settle.
One industry source said trade was quiet during Calgary Stampede week, a 10-day rodeo held annually in Canada’s corporate oil capital, even though celebrations were muted due to COVID-19 restrictions.
Canadian heavy crude prices are underpinned by strong demand from U.S. refineries, the source added.
Light synthetic crude from the oil sands for August delivery narrowed to $1.15 per barrel below WTI, having settled at $1.50 a barrel below the benchmark on Monday.
Global oil prices gained almost 2% after the International Energy Agency said the market should expect tighter supply for now because of disagreements among major producers over how much additional crude to ship worldwide.