🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

CANADA-CRUDE-Heavy discount widens slightly after Imperial ramps up output

Published 2020-09-15, 02:20 p/m
© Reuters.
IPL
-
IMO
-

Sept 15 (Reuters) - Canadian heavy crude's discount versus West Texas Intermediate (WTI) widened slightly on Tuesday as Imperial Oil restarted one of its oil sands site after a pipeline outage was resolved.

* Western Canada Select (WCS) heavy blend crude for October delivery in Hardisty, Alberta, traded at $8.10 per barrel below WTI, according to NE2 Canada Inc. It settled on Monday at $8.05 under.

* Imperial Oil Ltd IMO.TO began restoring production at its 220,000-barrel-per-day (bpd) Kearl oil sands site in Alberta after Inter Pipeline IPL.TO restored service to its Polaris pipeline following a leak. Trading sources have said that the heavy differential is abnormally tight and due to widen as oil production picks up in the autumn.

* Light synthetic oil from the oil sands for October delivery traded at $1.75 below WTI, wider than Monday's settle of $1.30 under.

* Global oil prices rose nearly 3%, supported by hurricane supply disruptions in the United States, but demand concerns loomed as energy industry forecasters predicted a slower-than-expected recovery from the pandemic. O/R

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.