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Heavy oil discount narrows as wildfires threaten oil sands

July 4, 2024 2:57 PM
Reuters


The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed on Thursday:

* WCS for August delivery in Hardisty, Alberta, settled at $14.60 a barrel below WTI, according to brokerage CalRock, having closed at $15.55 a barrel below WTI on Wednesday.

* Out-of-control wildfires in the northern Alberta oil sands region are threatening production, with very hot weather forecast to continue over the next week.

* Suncor Energy has shut down its 215,000 barrel-per-day (bpd) Firebag oil sands site in northern Alberta as a precaution due to a nearby wildfire, an Alberta government minister said on social media on Thursday.

* Imperial Oil and Cenovus Energy said they are monitoring the situation and there is no impact on their operations so far.

(Reporting by Nia Williams in British Columbia; Editing by Paul Simao)

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