CANADA-CRUDE-Discount on Western Canada Select narrows
Dec 15 (Reuters) - The discount on Western Canada Select to North American benchmark West Texas Intermediate futures CLc1 narrowed on Monday.
WCS for January delivery in Hardisty, Alberta, settled at $12.75 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $12.80 on Friday.
After spending much of the year in the $9-$11 range, in large part due to the Trans Mountain pipeline expansion, which has given Canadian oil producers additional export capacity, the WCS discount has recently widened.
The widening can be attributed in part to rising Canadian production growth that has increased pressure along the country's export pipelines, as well as normal seasonal patterns.
In spite of recent widening, the discount on Canadian heavy crude remains tight from a historical perspective.
Global oil prices slid on Monday as investors balanced disruptions linked to escalating U.S.-Venezuelan tensions with oversupply concerns and the impact of a potential Russia-Ukraine peace deal.
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