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

CANADA-CRUDE-Heavy discount widens slightly, outages factored in

Published 2020-09-09, 04:22 p/m
© Reuters.
IMO
-

Sept 9 (Reuters) - Canadian heavy crude's discount versus West Texas Intermediate (WTI) widened slightly on Wednesday from levels that were already narrow, with recent production outages factored into prices.

* Western Canada Select (WCS) heavy blend crude for October delivery in Hardisty, Alberta, traded at $7.50 per barrel below WTI, according to NE2 Canada Inc. It settled on Tuesday at $7.45 under.

* A Calgary industry source said the heavy differential is already tight, and Imperial Oil Ltd IMO.TO may restart its 220,000-barrel-per-day (bpd) Kearl oil sands site in Canada this month, after shutting production last week due to an outage of part of the Polaris pipeline in Alberta. An Imperial spokesman said it had nothing new to report about Kearl.

* Suncor said on Sunday it has reduced its 2020 production guidance by 9% after the August fire at its Base Mine. Light synthetic oil from the oil sands for October delivery traded at $1.65 below WTI, narrower than Tuesday's settle of $1.85.

* Global oil prices clawed back some of the losses they sustained in the previous session, but a rebound in COVID-19 cases in some countries undermined hopes for a steady recovery in global demand. 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.