Heavy Oil Discount Tightens Again – Canadian Energy News, Top Headlines, Commentaries, Features & Events

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The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed further on Tuesday:

* WCS for June delivery in Hardisty, Alberta, traded at $11.50 a barrel below WTI, according to brokerage CalRock, after closing at $11.60 a barrel below the benchmark on Monday.

* Canadian heavy crude has traded at a discount of less than $12 a barrel to WTI since the start of this month’s trade cycle, when the 590,000 barrel per day (bpd) Trans Mountain pipeline expansion (TMX) started commercial operations.

* Canada’s second-largest oil producer Suncor Energy reported record first-quarter production of 835,300 bpd, up 12.6% from a year earlier.

* Global oil prices closed slightly lower on signs of easing supply concerns, while market participants shifted their focus to U.S. stockpiles data due Wednesday.

(Reporting by Nia Williams in British Columbia; Editing by Alan Barona)