Heavy Oil Discount Narrows Further

• WCS for June delivery in Hardisty, Alberta, traded at $11.60 a barrel below WTI, according to brokerage CalRock, after closing at $11.75 a barrel below the benchmark on Friday.

• Trading was rangebound, with a slow rally throughout the day, one broker said.

• Canadian heavy crude has traded at a discount of less than $12 a barrel to WTI since the start of this month’s trade cycle, when the 590,000 barrel per day Trans Mountain pipeline expansion (TMX) started commercial operations.

• The WCS differential to U.S. crude is at its narrowest since last July, according to Rory Johnston, founder of the Commodity Context newsletter.

• Global oil futures ended largely unchanged as a ceasefire agreement between Hamas and Israel continued to elude negotiators.

(Reporting by Nia Williams in British Columbia; Editing by Rashmi Aich)