Company News

CANADA-CRUDE-Heavy discount narrows as production cuts mount

May 4 (Reuters) - Canadian heavy crude’s discount narrowed versus the U.S. benchmark West Texas Intermediate (WTI) on Monday, surpassing an 11-year low set on Friday. * Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, traded at $3.70 per barrel below WTI, according to NE2 Canada Inc, narrower than Friday’s settle of $5.35 under. * Prices at that level were the lowest recorded by NE2 in data that goes back to 2009. * Cuts to Canadian oil production totaled at least 525,000 barrels per day, with the bulk of reductions in the oil sands, according to company disclosures, Tudor, Pickering, Holt & Co said in a Monday note.

* Global oil prices LCOc1 rose as countries eased lockdowns and crude supply cuts took hold. O/R * Enbridge Inc said on Monday the Canadian pipeline operator had reached a deal with shippers to temporarily store crude oil in North America’s largest oil pipeline network from June 1 and was working with governments to provide additional capacity.

Reporting by Jeff Lewis; Editing by Peter Cooney