Discount on Western Canada Select heavy crude holds steady
Categories: Canada
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) steadied on Wednesday:
* WCS for November delivery in Hardisty, Alberta, settled at a discount of $11.40 per barrel under the WTI benchmark, according to brokerage CalRock, the same level as the previous day.
* The Canadian crude market is nearing the end of its monthly trade cycle, which runs from the first of each month until the day before pipeline nominations are due.
* Canadian heavy crude prices have found support this month from low inventories in Alberta and stronger prices on the U.S. Gulf Coast.
* Global oil prices held near a two-week low after dropping about 7% over the prior three days on forecasts for less oil demand growth and reduced concerns that Middle East conflicts will disrupt supply.
(Reporting by Nia Williams in British Columbia; Editing by Tasim Zahid)
