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(Reuters) – The discount of Western Canada Select (WCS) heavy crude to the North American benchmark West Texas Intermediate futures (WTI) narrowed on Wednesday.
- WCS for April delivery in Hardisty, Alberta, settled at $10.90 a barrel under WTI, according to brokerage CalRock, after having settled at $11 under the U.S. benchmark on Tuesday.
- The Canadian heavy crude discount has been narrowing this week as the market reacted to the one-month tariff reprieve announced last Thursday by U.S. President Donald Trump. The White House had previously said energy products from Canada would be subject to a 10% tariff rate.
- Canada exports approximately 4 million barrels of oil per day, about 90% of its total crude exports, to the United States. Analysts say much of the cost of potential tariffs would be borne by Canadian oil producers in the form of lower prices for their product.
- Canada’s energy minister Jonathan Wilkinson said on Tuesday that Canada could impose non-tariff measures such as restricting its oil exports to the United States or levying export duties on products if a trade dispute with the U.S. escalates further.
- Global oil prices rose 2% on Wednesday, as U.S. government data showed tighter-than-expected oil and fuel inventories. Investors continued to keep an eye on mounting fears of a U.S. economic slowdown and the impact of tariffs on global economic growth.
Reporting by Amanda Stephenson in Calgary; Editing by Alan Barona
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