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Heavy oil discount narrows

August 12, 2024 5:02 PM
Reuters


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

* WCS for September delivery in Hardisty, Alberta, settled at $12.80 a barrel below WTI, according to brokerage CalRock, having settled at $13.20 a barrel under the U.S. benchmark on Friday.

* Canadian heavy crude differentials have gained support this month from some U.S. Midwest refineries restarted operations after unplanned shut-downs in July.

* 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, the company said last week.

* However, Exxon reported a unit upset at Joliet on Saturday and Sunday, according to Illinois Emergency Management Agency

* Imperial Oil said its Sarnia site reported the beginning of maintenance work on process equipment, according to a community alert

* Global oil price jumped by more than 3%, rising for a fifth consecutive session on expectations of a widening Middle Eastern conflict that could tighten global crude oil supplies

(Reporting by Arathy Somasekhar in Houston; Editing by Mohammed Safi Shamsi)

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