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Hazloc Heaters
WEC - Western Engineered Containment
Copper Tip Energy
Hazloc Heaters
WEC - Western Engineered Containment

Heavy discount widens as oil glut grows

Canadian heavy crude’s discount widened versus the U.S. benchmark West Texas Intermediate (WTI) on Wednesday, as rising inventories offset hopes for a recovery in fuel demand that has been pummeled by the coronavirus pandemic.Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, traded at $5.50 per barrel below WTI, according to NE2 Canada Inc, wider than Tuesday’s settle of $4.85 under.

U.S. crude stocks and distillate inventories rose while gasoline inventories fell, the Energy Information Administration said on Wednesday.

U.S. oil futures fell 57 cents to settle at $23.99 a barrel and Brent crude settled down $1.25 at $29.72 per barrel.

Canada’s second-largest oil producer, Suncor Energy Inc , late on Tuesday deepened spending cuts, suspended its share repurchase program and cut its quarterly dividend by 55%.

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