Commodities
WCS Discount Widens as Global Oil Prices Fall
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Wednesday.
The WCS for May delivery in Hardisty, Alberta settled at $13 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $10.80 on Tuesday.
This widening discount is attributed in part to the war in Iran disrupting global supply of medium and heavy sour barrels, leading to tighter spreads for heavy crude last month and higher outright pricing.
However, a statement from U.S. President Donald Trump that the country will end its war on Iran fairly soon caused global oil prices to fall on Wednesday.