CANADA-CRUDE-Discount on Western Canada Select narrows
March 6 (Reuters) - The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures CLc1 narrowed on Friday as global oil prices leaped due to constrained Middle Eastern supply.
WCS for April delivery in Hardisty, Alberta, settled at $12 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $12.20 on Thursday.
The discount on heavy Canadian crude has narrowed by approximately $1.70 since the U.S.-Israel war on Iran began.
With the Strait of Hormuz closed, there is a supply shortage of heavy and sour grades of crude oil in Asia, which should create demand for Canadian heavy barrels exported off the British Columbia coast via the Trans Mountain pipeline, analysts say.
U.S. crude oil futures climbed more than 12% on Friday, but remained under Brent as buyers sought available barrels, with Middle Eastern supply constrained by the effective closure of the Strait of Hormuz amid the expanding U.S.-Israeli war with Iran.
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