Discount on Western Canada Select Unchanged

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

WCS for August delivery in Hardisty, Alberta, settled at $15.15 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, unchanged on Friday’s close.

• The discount is now trading at levels similar to May, having unwound most of the tightening that took place in June.
• The surge in Strait of Hormuz exit flows and the ongoing weakness in China’s imports appetite is weighing on pricing, said Rory Johnston, founder of the Commodity Context newsletter.
• Oil prices settled around pre-Iran war levels on Monday as Saudi Arabia slashed its official selling prices, OPEC+ approved another production target increase starting in August, and exports through the Strait of Hormuz recovered further.

Reporting by Amanda Stephenson in Calgary; Editing by Tasim Zahid

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