Heavy oil discount tightens
Aug 2 (Reuters) -The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed on Friday:
* WCS for September delivery in Hardisty, Alberta, settled at $14.35 a barrel below WTI, according to brokerage CalRock, having settled at $15.05 a barrel under the U.S. benchmark on Thursday.
* Canadian heavy crude prices have come under pressure in recent weeks due to a number of factors including U.S. refinery outages and weak pricing on the U.S. Gulf Coast, analysts said.
* Exxon Mobil's XOM. 251,800-barrel-per-day refinery in Joliet, Illinois, started heating its units this week, according to industry monitor IIR, and may be able to restart operations sometimes in mid-August. Joliet is a major consumer of Canadian crude and took most units offline after losing power following a tornado in July.
* Global oil prices fell, settling at their lowest since January after data showed the U.S. economy added fewer jobs than expected last month, and weak Chinese economic data added more pressure.O/R
Reporting by Nia Williams in British Columbia; Editing by Will Dunham
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
