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Heavy crude discount widens

January 11, 20223:23 PM Reuters0 Comments

crude oil rail cars
Railcars holding crude oil

Canadian heavy crude’s differential to benchmark West Texas Intermediate (WTI) crude widened on Tuesday.

Western Canada Select heavy blend crude for February delivery in Hardisty, Alberta, last traded at $12.65 per barrel below the WTI benchmark, according to NE2 Canada Inc, having settled at $12.45 per barrel below the U.S. crude benchmark on Monday.

Heavy crude differentials have held in a range roughly between $12 and $13 a barrel below WTI since narrowing sharply last week.

Canadian Natural Resources Ltd released details of upcoming maintenance shutdowns that will impact production. The Horizon oil sands plant will start a 32-day turnaround in March, while the Scotford upgrader will start a 65-day turnaround in May. The maintenance work will reduce full-year production by 35,000 barrels per day, Canadian Natural said.

Light synthetic crude from the oil sands for February delivery widened to trade at 25 cents a barrel below WTI, having settled at 10 cents a barrel under the benchmark on Monday.

Global oil prices rose, supported by tight supply and expectations that rising coronavirus cases and the spread of the Omicron variant will not derail a global demand recovery.

Canadian Natural Resources

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