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The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Monday.
WCS for July delivery in Hardisty, Alberta, settled at $12 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $12.15 a barrel on Friday.
* The WCS differential has been volatile with global crude price swings since the start of the U.S.-Iran conflict.
* But U.S. refinery demand is strong, as evidenced by refineries deferring maintenance and running with very high utilization rates, said Al Salazar, head of research at Enverus.
* The narrowing differential so far this month is also due to seasonal considerations, Salazar said, as spring and summer road-paving contributes to higher demand for heavy Canadian crude for use in asphalt production.
* Global oil prices settled $1 higher after rising more than 5% earlier in the session on Monday as Iran and Israel said they had halted attacks on each other following an appeal from U.S. President Donald Trump.29dk2902l
(Reporting by Amanda Stephenson in Calgary; Editing by Joyjeet Das)
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Monday.
WCS for July delivery in Hardisty, Alberta, settled at $12 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $12.15 a barrel on Friday.
* The WCS differential has been volatile with global crude price swings since the start of the U.S.-Iran conflict.
* But U.S. refinery demand is strong, as evidenced by refineries deferring maintenance and running with very high utilization rates, said Al Salazar, head of research at Enverus.
* The narrowing differential so far this month is also due to seasonal considerations, Salazar said, as spring and summer road-paving contributes to higher demand for heavy Canadian crude for use in asphalt production.
* Global oil prices settled $1 higher after rising more than 5% earlier in the session on Monday as Iran and Israel said they had halted attacks on each other following an appeal from U.S. President Donald Trump.29dk2902l
(Reporting by Amanda Stephenson in Calgary; Editing by Joyjeet Das)
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