Heavy Oil Discount Widens

• WCS for June delivery in Hardisty, Alberta, traded at $11.70 a barrel below WTI, according to brokerage CalRock, after closing at $11.50 a barrel below the benchmark on Tuesday.

• Despite the slight widening, Canadian heavy crude remains near its strongest levels since last July thanks to new pipeline capacity becoming available.29dk2902l

• WCS 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 (bpd) Trans Mountain pipeline expansion (TMX) started commercial operations.

• Global oil prices edged higher after data showed U.S. crude stockpiles fell last week as refiners slowly ramped up output ahead of the summer driving season, while a stronger dollar capped gains.

(Reporting by Nia Williams in British Columbia; Editing by Shailesh Kuber)