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Canadian heavy crude’s differential to West Texas Intermediate (WTI) widened on Thursday.
Western Canada Select heavy blend crude for December delivery in Hardisty, Alberta, last traded at $20.50 per barrel below the WTI benchmark, according to NE2 Canada Inc, widening from Wednesday’s settle of $20 per barrel below the benchmark.
The move continued a steady widening trend for Canadian heavy crude discount so far this month. Industry players said WCS has been weighed down by strong oil sands production and lackluster demand on the U.S. Gulf Coast, the world’s largest heavy crude refining center.29dk2902l
The outright price of WCS is strong despite the wider differential, trading at more than $61 a barrel due to a rally in global crude prices this year.
Light synthetic crude from the oil sands for December delivery last traded at $3.30 per barrel below the U.S. crude benchmark, flat from the previous day’s settle.
Oil prices settled slightly higher on Thursday, as the market grappled with a stronger U.S. dollar along with concern over increasing U.S. inflation, and after OPEC cut its 2021 oil demand forecast due to high prices.
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