CANADA-CRUDE-Discount for Western Canada Select firms slightly
The discount for Western Canada Select (WCS) heavy crude against West Texas Intermediate (WTI) narrowed on October 7, trading at a discount of $0.75 per barrel. Oil futures rose by 3%, with Brent crude surpassing $90 per barrel amid escalating Middle East conflict. Chevron announced the sale of its Athabasca oil sands and Duvernay shale assets to Canadian Natural Resources for $3.5 billion as part of its strategy to raise $5 billion to $10 billion through asset sales.
Oct 7 (Reuters) - The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) tightened on Monday:
WCS for November delivery in Hardisty, Alberta, firmed on Monday, trading at a low of minus $12.20 versus WTI, but climbing to a $11.75 a barrel discount, according to brokerage CalRock. It settled at $12.20 a barrel under the benchmark on Friday.
Oil futures rose by 3% on Monday, with Brent surpassing $80 a barrel as conflict in the Middle East escalated. Brent futures (LCOc1) settled at $80.93 a barrel, while West Texas Intermediate settled at $77.14 a barrel. (O/R)
Chevron (CVX.N) said on Monday it would sell its Athabasca oil sands and Duvernay shale assets to Canadian Natural Resources for $6.5 billion. The sale puts into motion Chevron’s plan to raise $10 billion to $15 billion through asset sales.
