Discount on Western Canada Select Heavy Crude Tightens Marginally

(Reuters) – The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed slightly on Wednesday:

• WCS for January delivery in Hardisty, Alberta, settled at $12.20 a barrel under the WTI benchmark, according to brokerage CalRock, having settled at a discount of $12.30 a barrel under the U.S. benchmark on Tuesday.
• Canadian heavy crude prices are benefiting from ample export pipeline capacity since the Trans Mountain pipeline expansion started operating earlier this year.
• Global oil futures fell nearly 2% as investors awaited an imminent OPEC+ decision on production cuts, while a larger-than-expected draw in U.S. crude stockpiles last week lent some support to prices.
• The outright price of WCS was around $56 a barrel.

Reporting by Nia Williams in British Columbia; Editing by Shreya Biswas

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