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CANADA CRUDE-Heavy grades tighten in volatile trade

Published 2016-02-03, 06:58 p/m
© Reuters. CANADA CRUDE-Heavy grades tighten in volatile trade
CL
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CALGARY, Alberta, Feb 3 (Reuters) - Canadian heavy crude
differentials narrowed on Wednesday as global oil prices
rallied, pulling the outright price of Canadian benchmark
barrels above $17 a barrel.
Western Canada Select heavy blend crude for March delivery
tightened by 80 cents from Tuesday's settlement to trade at a
discount of $14.70 per barrel below U.S. benchmark crude.
Traders in Calgary said there was no clear reason for the
move but the market had been volatile since the March trading
window opened on Monday, with around 30 percent of the average
monthly trading volume being done on the first day.
U.S. crude rallied 8 percent to $32.28 as the U.S. dollar
weakened and comments from the Russian foreign minister ignited
fresh hopes of an international deal to curb the global supply
glut. O/R
That put the absolute price of Canadian heavy crude at
around $17.58 a barrel, up from $14.31 the previous day.
Light synthetic crude from the oil sands for March delivery
also narrowed to 25 cents a barrel below U.S. crude, having
changed hands at 55 cents per barrel below the benchmark on
Tuesday.

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