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Heavy oil discount narrows for third straight session

July 8, 20243:15 PM Reuters0 Comments

The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) tightened slightly, for the third consecutive session on Monday:

* WCS for August delivery in Hardisty, Alberta, settled at $13.60 a barrel below WTI, according to brokerage CalRock, having closed at $13.75 a barrel below WTI on Friday.

* Hurricane Beryl seemingly had minimal impact on major refineries along the Gulf Coast, some of which consume WCS.

* Suncor Energy temporarily curtailed some production at its 215,000 barrel-per-day (bpd) Firebag oil sands site in northern Alberta on Friday as a precaution due to a nearby wildfire.

* Global oil prices settled down about 1% to a one-week low on Monday as Hurricane Beryl shut U.S. refineries and ports along the Gulf of Mexico, and on hopes a possible ceasefire deal in Gaza could reduce worries about global crude supply disruptions.

(Reporting by Georgina McCartney in Houston; Editing by Mohammed Safi Shamsi)

Suncor

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