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Sector
Energy
Size
Large Cap
Market Cap £15.30bn
Enterprise Value £29.49bn
Revenue £11.40bn
Position in Universe 26th / 2681

CANADA-CRUDE-Heavy discount narrows to 11-year low on production cuts

Fri 8th May, 2020 8:28pm
May 8 (Reuters) - Canadian heavy crude's discount versus the
U.S. benchmark West Texas Intermediate (WTI) narrowed on Friday
to an 11-year low.

* Western Canada Select (WCS) heavy blend crude for June
delivery in Hardisty, Alberta, traded at $3.50 per barrel below
WTI, according to NE2 Canada Inc, narrower than Thursday's
settle of $5.25 under.

* The intraday price is the lowest level recorded by NE2 in data
that goes back to 2009.
    
* Supply cuts by Canadian producers are estimated by Canadian
Natural Resources  CNQ.TO  to be as high as 1 million barrels
per day. 
    
* The narrow differential reflects production curtailments, a
Calgary trading source said.
    
* Data to last week showed refinery runs in Western Canada were
up for the second week in a row but still down from runs in
mid-March, analysts at Tudor, Pickering, Holt & Co said.
    
* Brent crude  LCOc1  settled up $1.51, or 5.1%, at $30.97 a
barrel while WTI crude futures  CLc1  gained $1.19, or 5%, to
$24.74 a barrel.  O/R 

 (Reporting by Jeff Lewis
Editing by Paul Simao)
 ((Jeff.Lewis@thomsonreuters.com;))
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