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(Reuters) – The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Monday.
WCS for May delivery in Hardisty, Alberta, settled at $16.15 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $14.60 on Thursday. Markets were closed on Friday for the Good Friday holiday.
- The war in Iran has disrupted the global supply of medium and heavy sour barrels, contributing to tighter spreads for heavy crude last month as well as higher outright pricing.
- But Alberta’s oil output has also been rising. According to the Alberta Energy Regulator, Canada’s main oil-producing region averaged 4.2 million bpd over the first two months of 2026, the highest on record and a 3.3% increase over the same period last year.
- Canada’s Trans Mountain oil pipeline is nearly full for April, a milestone that marks a utilization record for the major export conduit since it was completed in 2024. Historically, the WCS discount has widened when Canadian pipeline space becomes constrained.
- Oil prices climbed in choppy trade on Monday, as the U.S. and Iran ratcheted up their rhetoric even as the two countries are engaging in indirect talks that could lead to the de-escalation of hostilities.
Reporting by Amanda Stephenson in Calgary; Editing by Leroy Leo
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