The discount on Western Canada Select (WCS) crude oil to North American benchmark West Texas Intermediate futures held largely steady on Tuesday.
WCS for November delivery in Hardisty, Alberta, settled at $25.50 a barrel below the US benchmark WTI, according to brokerage CalRock, compared with $25.55 on Friday. The discount remains more than $10 wider than it was at this point in last month’s trading cycle and is wider than it has been since 2023.
* High freight rates have sharply cut export demand for crude oil in the Americas. Prices for heavy crude oil grades similar to Canadian oil, including Venezuelan, Ecuadorian and Colombian, have all eased in recent weeks.
* Oil prices were mixed on Tuesday as hopes the US-Russia diesel deal could free up more supplies from Moscow offset attacks in Saudi Arabia and Yemen that could result in additional supply disruptions.
(Reporting by Arathy Somasekhar in Houston; Editing by Jamie Freed)