The discount of Canadian heavy oil to West Texas Intermediate (WTI) narrowed slightly on Thursday:
Western Canada Select (WCS) Heavy Blend Crude Oil for May delivery in Hardyffy, Alberta last traded $ 10.35 a barrel below benchmark from Wednesday’s deal, according to NE2 Canada Inc. at $ 10.50 a barrel.
Synthetic oil from the oil sands dipped 10 cents a barrel at a discount below WTI, tapering 25 cents a barrel from the previous benchmark.
The oil sands refurbishment has helped support prices in recent weeks, but Canadian Natural Resources Ltd’s 30-day Horizon investment is due to be completed by May, boosting supply.
But Suncor Energy Inc’s base plant and its Syncrude project will still be undergoing renovations in May.
Global oil prices remained largely flat as the dollar’s fall and rising equity markets offset previous declines, fueled by massive increases in US gasoline inventories and weak demand from pre-pandemic levels.