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Canadian heavy crude’s discount to West Texas Intermediate (WTI) widened slightly on Wednesday: Western Canada Select (WCS) heavy blend crude for April delivery in Hardisty, Alberta, last traded at $11.15 per barrel below WTI, according to NE2 Canada Inc, widening from $10.95 per barrel below the benchmark on Tuesday. The heavy crude differential remained within a narrow range between $10.80 per barrel and $11.80 per barrel below WTI that it has traded in since early February. Light synthetic crude from the oil sands for April delivery traded at $2.50 a barrel over WTI, according to NE2, climbing from $2.15 a barrel over the benchmark on Tuesday. Synthetic prices are being propped up by upcoming maintenance in the oil sands in the second quarter that will knock out a hefty portion of supply. ] Global oil prices rose on an upbeat forecast for global economic recovery and as U.S. gasoline inventories plummeted, although price gains were limited due to a surge in crude oil inventories in the aftermath of last month’s Texas winter storm.
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