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Heavy oil differential trades steady

March 13, 2024 3:17 PM
Reuters


The differential of Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) traded steady on Wednesday.

* WCS for April delivery in Hardisty, Alberta began trading at $15.05 per barrel under WTI and ended the day at $15.25 under, according to brokerage CalRock. On Tuesday, WCS began and ended the trading session at $15.10 below the U.S. benchmark.

* Canadian heavy oil prices are supported by scheduled oil sands turnarounds that will reduce supply temporarily and the coming paving season, said Martin King, senior analyst at RBN Energy.

* Global oil futures rose about 3% to a four-month high on a surprise withdrawal in U.S. crude inventories, a bigger-than-expected drop in U.S. gasoline stocks and potential supply disruptions after Ukrainian attacks on Russian refineries.

(Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Alan Barona)

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