Western Canada Select (WCS) crude’s discount to the benchmark West Texas Intermediate (WTI) widened slightly on Tuesday but remained in sight of recent 11-month highs.
WCS for May delivery in Hardisty, Alberta traded between $15.00 and $14.50 a barrel under WTI, according to brokerage CalRock, having traded between $14.55 and $14.00 a barrel under the U.S. benchmark on Monday.
Canadian heavy crude reached its tightest differential since last May in recent days, and is expected to remain supported as oil sands projects enter turnaround season.
Analysts also forecast a surprise supply cut from producer group OPEC+ over the weekend may boost Canadian crude exports from the U.S. Gulf Coast.
Global oil prices were little changed in choppy trading as investors weighed the OPEC+ production cuts against weak U.S. and Chinese economic data that could suggest cooling oil demand.
The outright price of WCS was just under $66 a barrel.