Canadian heavy crude’s discount to West Texas Intermediate (WTI) narrowed on Tuesday, extending the previous day’s gains. Western Canada Select (WCS) heavy blend crude for February delivery in Hardisty, Alberta, traded at $12.50 per barrel below WTI, according to NE2 Canada Inc, narrowing from Monday’s settle of $13.00 a barrel under WTI. The differential on Canadian heavy crude hit its widest level since April last week, but has narrowed in recent days to trade at similar discount to WTI as seen in last month. Light synthetic crude from the oil sands for February delivery traded at $3.90 a barrel below WTI, tightening slightly from Monday’s settle of $4.05 a barrel under the benchmark. Global oil prices hit an 11-month high just below $57 a barrel, bolstered by Saudi Arabia’s plans to limit supply, offsetting worries that rising coronavirus cases globally would curtail fuel demand.
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