Amanda StephensonSuncor's base plant with upgraders in the oil sands in Fort McMurray Alta, on Monday June 13, 2017. THE CANADIAN PRESS/Jason FransonAnalysts say a dramatic narrowing in the price discount for western Canadian heavy crude in the second quarter of 2023 should mean healthy profits for oilsands producers poised to start reporting their earnings later this week.
Globally, oil prices remained under pressure in the second quarter, with the benchmark West Texas Intermediate down three per cent from the first quarter of the year and benchmark Brent crude down five per cent. But there have been times in the past when that differential has been blown out, to the detriment of Canadian producers. For example, last fall, as the U.S. government's decision to release more oil from its Strategic Petroleum Reserve put downward pressure on prices, the WCS differential was trading for approximately US$32 per barrel less than WTI.
Source: News Formal (newsformal.com)
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