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(Reuters) – The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Thursday.
WCS for April delivery in Hardisty, Alberta, settled at $12.20 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $12.45 on Wednesday.
- The discount on heavy Canadian crude has narrowed by approximately $1.50 since the U.S.-Israel war on Iran began.
- With the Strait of Hormuz closed, there is a supply shortage of heavy and sour grades of crude oil in Asia, which should create demand for Canadian heavy barrels exported off the British Columbia coast via the Trans Mountain pipeline, analysts say.
- Global oil prices settled up around 5% on Thursday, extending a rally as the escalating U.S.-Israeli war with Iran disrupted supplies and shipping, driving some major producers in the Middle East to reduce output.
Reporting by Amanda Stephenson in Calgary; Editing by Sahal Muhammed
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