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Discount on Western Canada Select heavy crude narrows

October 10, 20248:38 PM Reuters0 Comments

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

* WCS for November delivery in Hardisty, Alberta, settled at a discount of $10.85 per barrel under the WTI benchmark, according to brokerage CalRock, having settled at $11.35 a barrel under the benchmark on Wednesday.

* Canadian heavy crude prices are benefiting from expanded capacity on the Trans Mountain pipeline, which started operating in May, and additions to global heavy oil refining capacity outpacing heavy oil supply growth, creating strong demand, Scotiabank analysts said in a research note.

* Global oil prices jumped about 4% on a spike in U.S. fuel use before Hurricane Milton barreled across Florida, Middle East supply risks and signs that demand for energy could grow in the U.S. and China.

(Reporting by Nia Williams in British Columbia; Editing by Alan Barona)

Trans Mountain Pipeline

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