May 6, 2020 / 8:02 PM / a month ago

CANADA-CRUDE-Heavy discount widens as oil glut grows

May 6 (Reuters) - Canadian heavy crude’s discount widened versus the U.S. benchmark West Texas Intermediate (WTI) on Wednesday, as rising inventories offset hopes for a recovery in fuel demand that has been pummeled by the coronavirus pandemic. * Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, traded at $5.50 per barrel below WTI, according to NE2 Canada Inc, wider than Tuesday’s settle of $4.85 under.

* U.S. crude stocks and distillate inventories rose while gasoline inventories fell, the Energy Information Administration said on Wednesday. * U.S. oil futures fell 57 cents to settle at $23.99 a barrel and Brent crude settled down $1.25 at $29.72 per barrel. * Canada’s second-largest oil producer, Suncor Energy Inc , late on Tuesday deepened spending cuts, suspended its share repurchase program and cut its quarterly dividend by 55%. (Reporting by Jeff Lewis Editing by Paul Simao)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below