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Heavy oil discount tightens as US refinery restarts units

August 7, 2024 3:50 PM
Reuters


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

* WCS for September delivery in Hardisty, Alberta, settled at $13.35 a barrel below WTI, according to brokerage CalRock, having settled at $13.60 a barrel under the U.S. benchmark on Tuesday.

* Exxon Mobil restarted select units at its 251,800 barrel-per-day refinery in Joliet, Illinois, three weeks after it lost power following a storm. Joliet is a major consumer of Canadian heavy crude.

* Global oil prices gained more than 2%, bouncing back from multi-month lows, after data showed a bigger-than-expected draw in U.S. crude stockpiles, even as worries about weak oil demand in China persisted.

(Reporting by Nia Williams in British Columbia; Editing by Mohammed Safi Shamsi)

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