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Heavy crude discount edges down

Western Canada Select (WCS) crude’s discount to the benchmark West Texas Intermediate (WTI) narrowed on Friday:

WCS for February delivery in Hardisty, Alberta, traded between $26.45 and $26.25 a barrel below WTI, according to brokerage CalRock, tightening around 40 cents from the previous day.

The Canadian heavy crude discount has narrowed since TC Energy restarted its Keystone pipeline in December after a leak of 14,000 barrels in Kansas. The 622,000 barrel-per-day pipeline delivers Canadian crude to U.S. refineries.

Global oil prices were little changed as the market balanced a weaker U.S. dollar and mixed U.S. jobs reports, but both crude benchmarks ended the first week of the year lower due to global recession concerns.
Source: Reuters

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