Discount on Western Canada Select heavy crude widens

The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) widened slightly on Monday:

* WCS for December delivery in Hardisty, Alberta, settled at a discount of $12.60 per barrel under the WTI benchmark, according to brokerage CalRock, widening from $12.40 a barrel under the U.S. benchmark on Friday.

* Canadian heavy crude prices are benefiting from ample capacity on export pipelines, after the Trans Mountain pipeline expansion started up earlier this year.

* The Canadian government released draft regulations that would cap emissions of greenhouse gases from the oil and gas sector at 35% below 2019 levels by 2030, drawing condemnation from the industry that said the policy would force a production cut.

* Global oil prices climbed nearly 3% on OPEC+’s decision for a month’s delay to plans to increase output, while investors also focused on the U.S. presidential election.
Source: Reuters (Reporting by Nia Williams in British Columbia; Editing by Subhranshu Sahu)