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(Reuters) – The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened slightly on Thursday.
WCS for June delivery in Hardisty, Alberta, settled at $15.80 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $15.70 on Wednesday.
- While the discount has narrowed since the start of the month, the differential for heavy Canadian crude remains wider than it was at the start of the U.S. war on Iran.
- The WCS differential has been volatile since the start of conflict and the effective closure of the Strait of Hormuz, which has sharply reduced crude exports from the region and left energy importers scrambling for alternative supplies.
- Global oil prices swung between gains and losses in volatile trading on Thursday, ultimately settling lower after a report said Saudi Arabia and Kuwait lifted restrictions on the United States’ use of its airspace and military bases, allowing the U.S. to restart operations to escort commercial ships through the Strait of Hormuz as early as this week.
Reporting by Amanda Stephenson in Calgary; Editing by Tasim Zahid
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