Latest News

CANADA-CRUDE-Discount on Western Canada Select widens

On Friday, the discount between West Texas Intermediate and Western Canada Select futures (the North American benchmark) widened.

CalRock reported that WCS for Hardisty, Alberta delivery in November settled at $10.65 per barrel below the U.S. benchmark WTI. This is compared to a close on Thursday of $10.60.

The WCS discount is tighter this month than usual, as opposed to the seasonal pattern which usually sees it widening after the summer driving season.

Canadian crude oil production is on the rise. According to the Alberta Energy Regulator's data, Alberta produced 4.2 million barrels of crude oil per day in August. This was the highest ever recorded for the month.

The price of Brent and U.S. Crude futures dropped more than $2 per barrel or more than 3 percent on Friday, as the threat by U.S. president Donald Trump to increase tariffs against China cast a cloud over demand in a market that is perceived as being oversupplied. (Reporting from Georgina McCartney, Houston; Editing and proofreading by Sahal Muhammad)

(source: Reuters)