Discount on Western Canada Select Heavy Crude Widens

(Reuters) – The discount of Western Canada Select (WCS) heavy crude to the North American benchmark West Texas Intermediate futures (WTI) widened on Wednesday:

• WCS for March delivery in Hardisty, Alberta, settled at $14 a barrel under WTI, according to brokerage CalRock, having ended at a $13.85 discount on Tuesday.
• Canadian heavy crude prices have been under pressure in recent weeks due to U.S. President Donald Trump’s tariffs plan.
• Trump paused his plan to impose a 10% levy on Canadian oil for 30 days on Monday, in return for concessions on border and crime enforcement.
• Canada exports approximately 4 million barrels per day of oil to the U.S.
• Global oil prices fell more than 2% as a large build in U.S. crude and gasoline stockpiles signaled weaker demand, while worries about a new China-U.S. trade war fueled fears of softer economic growth.
• U.S. crude oil inventories rose sharply last week as demand softened on ongoing refinery maintenance, the Energy Information Administration (EIA) said.

Reporting by Amanda Stephenson in Calgary Editing by Marguerita Choy

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