for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Company News

CANADA-CRUDE-Heavy discount narrows to 11-year low on production cuts

May 8 (Reuters) - Canadian heavy crude’s discount versus the U.S. benchmark West Texas Intermediate (WTI) narrowed on Friday to an 11-year low. * Western Canada Select (WCS) heavy blend crude for June delivery in Hardisty, Alberta, traded at $3.50 per barrel below WTI, according to NE2 Canada Inc, narrower than Thursday’s settle of $5.25 under. * The intraday price is the lowest level recorded by NE2 in data that goes back to 2009.

* Supply cuts by Canadian producers are estimated by Canadian Natural Resources to be as high as 1 million barrels per day.

* The narrow differential reflects production curtailments, a Calgary trading source said.

* Data to last week showed refinery runs in Western Canada were up for the second week in a row but still down from runs in mid-March, analysts at Tudor, Pickering, Holt & Co said.

* Brent crude settled up $1.51, or 5.1%, at $30.97 a barrel while WTI crude futures gained $1.19, or 5%, to $24.74 a barrel. (Reporting by Jeff Lewis Editing by Paul Simao)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up