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CANADA-CRUDE-Heavy discount narrows despite oil storage pressure

Wed 8th April, 2020 7:54pm
April 8 (Reuters) - Canadian heavy crude's discount narrowed
slightly versus the U.S. benchmark West Texas Intermediate (WTI)
oil on Wednesday, as Canada's largest oil producer signaled
support for government curtailments to ease storage pressure
amid a global glut. 

* Western Canada Select (WCS) heavy blend crude for May delivery
in Hardisty, Alberta, traded at $19.50 per barrel below WTI,
according to NE2 Canada Inc, narrower than Tuesday's settle of
$20.25 under.

* "Canadian storage capacity is going to be challenged in the
coming weeks and months and as a function of that we would
anticipate further weakness for Canadian heavy crudes," said
Michael Tran, managing director, global energy strategy at Royal
Bank of Canada. 

*Global Brent prices  LCOc1  rose 3% while WTI  CLc1  jumped 6%,
buoyed by hopes that OPEC and its allies will strike a
production cut agreement this week, despite a record build in
U.S. crude inventories.  O/R 

* Producers in Western Canada could initially cut 900,000
barrels per day of output, rising to 1.5 million barrels as
storage congestion intensifies, analysts at Morgan Stanley said.

* Canadian Natural Resources Ltd  CNQ.TO , Canada's biggest oil
producer, would support any commitment by the federal government
to cut oil production as long as it was applied fairly to the
industry, company president Tim McKay said.*:nL1N2BW0PN

 (Reporting by Jeff Lewis
Editing by Marguerita Choy)
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