Discount on Western Canada Select Narrows

(Reuters) – The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Wednesday.

WCS for May delivery in Hardisty, Alberta, settled at $14.90 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $16.65 on Tuesday.

• The WCS differential narrowed on Wednesday after trading on Tuesday at its steepest discount since early 2024.
• The differential had widened as the price of the North American benchmark WTI soared due to the Iran war.
• But global oil prices plummeted on Wednesday, falling below $100 a barrel, on hope of the Strait of Hormuz reopening after U.S. President Donald Trump agreed to a two-week ceasefire with Iran.

Reporting by Amanda Stephenson in Calgary; Editing by Leroy Leo

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