The differential of Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) widened slightly on Tuesday.
* WCS for May delivery in Hardisty, Alberta, traded between $12.40 and $12.65 below WTI, according to brokerage CalRock. On Monday, May WCS traded between $12.10 and $12.40 below WTI.
* Trans Mountain will finish building the final segment of its Canadian oil pipeline expansion in April, according to a construction schedule the corporation filed on Monday with a regulator.
* Anticipation of the Trans Mountain expansion starting up in the second quarter is driving WCS differentials narrower, as it will increase egress and reduce the likelihood of price blow-outs, said analyst Rory Johnston of Commodity Context, adding that the expected startup overlaps with seasonal oil sands plant maintenance.
* Saskatchewan’s Co-op refinery will start its 47-day turnaround on Wednesday.
* Global oil futures settled higher after a session in which Ukrainian attacks on Russian energy facilities and escalating conflict in the Middle East pushed the Brent benchmark above $89 a barrel for the first time since October.
(Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Alan Barona)