WCS discount to the benchmark WTI grew to more than US$20 barrel on Friday
Western Canadian Select discount to the benchmark West Texas Intermediate grew to more than US$20 barrel on Friday, the widest since November, data compiled by Bloomberg show. In recent years, a shortfall of export pipelines was resulted in a widening discount to as much as US$50 a barrel for Canadian heavy oil. Now, the cause is related to the broader world market, which the industry has little control over, Rory Johnson, managing director and market economist at Price Street wrote in a note.
Half the current discount to West Texas Intermediate is due to the quality of the crude oil. The high-sulfur, heavy nature of oil produced in the oilsands of Northern Alberta means it always trades at a discount to lighter oil grades because its more expensive to refine, but that so-called “quality discount” has widened to US$10 a barrel from US$4 recently, Johnson said. By contrast, transport costs have remained steady at about US$7 a barrel.
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