The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed on Monday:
* WCS for March delivery in Hardisty, Alberta, settled at $13.50 a barrel under the WTI benchmark, according to brokerage CalRock, having settled at $14.75 a barrel under the U.S. benchmark on Friday.
* Canadian Prime Minister Justin Trudeau said in a post on X on Monday that U.S. President Donald Trump will postpone threatened tariffs on Canadian imports for at least 30 days.
* Canadian heavy crude prices have been under pressure in recent weeks, as the market waited for details around Trump’s tariffs plan. On Saturday, Trump authorized sweeping tariffs, including a 25% levy on most goods from Canada and a 10% tariff on energy imports from Canada.
* The market had been bracing for a possible 25% levy on Canadian energy and had already priced much of that impact in, said Rory Johnston, analyst and founder of the Commodity Context newsletter.
* Global oil prices edged up in volatile trade on Monday but closed at a one-month low on the expiration of a higher-priced contract, as the market digested Trump’s planned imposition of tariffs on Canada, Mexico and China.
* Canada exports approximately 4 million barrels per day of oil to the U.S.
(Reporting by Amanda Stephenson in Calgary; Editing by Shilpi Majumdar)