Canadian heavy crude’s discount to West Texas Intermediate (WTI) widened slightly on Wednesday.
Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $13.30 per barrel below the WTI benchmark, according to NE2 Canada Inc, widening from Tuesday’s settle of $13.30 per barrel below U.S. crude futures.
One industry source said heavy crude prices were well supported despite relatively high inventories in western Canada.
Light synthetic crude from the oil sands for August delivery settled at $1.40 per barrel below WTI, 20 cents wider than Tuesday’s close.
Suncor Energy has scheduled maintenance at its oil sands base plant in northern Alberta in August, which will impact supply.
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 dropped more than 2% after major global oil producers came to a compromise about supply, and U.S. data showed demand slacked off a bit in the most recent week.