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The discount on Western Canada Select to North American benchmark West Texas Intermediate futures widened on Tuesday to its broadest point since early March.
WCS for January delivery in Hardisty, Alberta, settled at $13.55 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $13.15 on Monday.
* After spending much of the year in the $9-$11 range, in large part due to the Trans Mountain pipeline expansion which has given Canadian oil producers additional export capacity, the WCS discount has recently widened.
* Some analysts have attributed the widening to normal seasonality, while others have pointed to increasing Canadian oil production putting pressure on the differential through increased supply.
* Global prices edged lower on Tuesday after falling 2% in the previous session, with investors keeping a close eye on peace talks to end Russia’s war in Ukraine, concerns about ample supply and a looming decision on U.S. interest rates.
(Reporting by Amanda Stephenson in Calgary; Editing by Krishna Chandra Eluri)
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