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Heavy oil discount widens as monthly trading cycle nears end

June 13, 20245:49 PM Reuters0 Comments

SAGD oilsands project The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) widened on Thursday as the end of the monthly trading cycle neared.

* WCS for July delivery in Hardisty, Alberta, settled at $13.80 a barrel below the WTI, according to brokerage CalRock, having settled at $13.50 a barrel under the benchmark on Wednesday.

* The Canadian crude trading cycle typically runs for just over two weeks from the start of each month until the day before pipeline nominations are due.

* Global oil prices edged higher in up-and-down trade, supported by an OPEC forecast for demand growth and data showing an U.S. easing labor market and slowing inflation, which stoked hopes for Federal Reserve rate cuts.

(Reporting by Nia Williams in British Columbia; Editing by Sherry Jacob-Phillips)

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