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Heavy crude discount widens slightly, Keystone remains shut

December 12, 20225:00 PM Reuters0 Comments

Crude rail cars in winter.

Western Canada Select (WCS) crude’s discount to the benchmark West Texas Intermediate (WTI) widened slightly on Monday as the Keystone pipeline remained shut because of a leak.

WCS for January delivery in Hardisty, Alberta, traded between $28.50 and $28.20 a barrel below WTI, according to brokerage CalRock. On Friday, WCS settled around $27.75 a barrel below U.S. crude.

Five days ago, TC Energy shut its 622,000 barrel-per-day Keystone pipeline, crimping the flow of Canadian oil to U.S. refineries, after a spill into a Kansas creek.

The cause of the leak is still unknown and TC has not said when the pipeline will resume operations.

Global oil prices settled up about $2 a barrel on supply jitters, as Keystone remained closed and Russia threatened a production cut even as China’s loosening COVID-19 restrictions bolstered the fuel demand outlook.

TC Energy

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