The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) widened on Thursday:
• WCS for June delivery in Hardisty, Alberta, closed at $12.20 a barrel below WTI, according to brokerage CalRock, after closing at $11.70 a barrel below the benchmark on Wednesday.
• Canadian heavy crude differentials remain relatively strong thanks to the 590,000 barrel per day (bpd) Trans Mountain pipeline expansion (TMX) starting commercial operations.
• Canada’s oil sands producers have been reporting strong production during first quarter earnings call and a new report said oil sands output would rise 15% to reach 3.8 million bpd by 2030.
• Global oil prices edged up to a one-week high on data from China and the U.S. signaling demand in the world’s two biggest crude-consuming nations could climb.
(Reporting by Nia Williams in British Columbia; Editing by Rashmi Aich)