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Heavy crude differential narrows slightly


The discount on Canadian heavy crude narrowed slightly on Wednesday:* Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, last traded at $11.50 per barrel below West Texas Intermediate (WTI) oil, according to Net Energy Exchange. On Tuesday, WCS for August delivery settled at $11.70 a barrel below WTI crude futures.

* Some minor draws on storage have supported prices and narrowed the differential, a Calgary trader said.

* Many industry players are attending events at the Calgary Stampede, a 10-day rodeo in Canada’s corporate oil capital that kicked off on Friday.

* Data from energy information provider Genscape on Monday showed Western Canadian crude inventories declined slightly in June to 30.5 million barrels, helping support prices.

 

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* The government of Alberta, Canada’s main crude-producing province, has capped oil production for August at 3.74 million barrels per day, easing curtailments from 3.71 million bpd in July.

* Senior executives from some of Canada’s largest energy companies on Tuesday said they are in talks with the Alberta government about easing curtailment limits as long as companies can move the extra crude by rail.

* Light synthetic crude from the oil sands for August delivery last traded at $1 per barrel over U.S. crude, down slightly from Tuesday’s settle of 90 cents per barrel over WTI.

* Global oil prices gained $2 a barrel on Wednesday after U.S. crude inventories shrank more than expected and as major producers evacuated rigs in the Gulf of Mexico ahead of an expected storm.

(Reporting by Rod Nickel in Calgary, Alberta Editing by Susan Thomas)



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