CANADA-CRUDE-Discount on Western Canada Select narrows
Oct 8 (Reuters) - The discount on Western Canada Select to North American benchmark West Texas Intermediate futures CLc1 narrowed again on Wednesday.
WCS for November delivery in Hardisty, Alberta, settled at $10.50 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared to Tuesday's close of $10.60.
The WCS discount has grown steadily tighter this month. Wednesday's settlement was the narrowest discount on Canadian crude since early July.
Canadian crude oil production continues to rise. The oil-producing province of Alberta's crude output was 4.2 million barrels per day in August, according to the Alberta Energy Regulator, the highest on record for that month.
But the WCS discount has been well supported since the opening last year of the Trans Mountain pipeline expansion, which increased export capacity for Canadian oil.
The Enbridge Mainline system — which transports oil from Alberta to various markets in Canada and the U.S. — is not apportioned for October due to less planned maintenance on the system. Apportionment is an industry term for when demand for pipeline space exceeds capacity.
Oil prices edged up about 1% to a one-week high on Wednesday as traders expected a lack of progress on a Ukraine peace deal to keep sanctions in place against Moscow, while a weekly report showed growing U.S. oil consumption.
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