Baytex Energy Corp T.BTE

Seasonal trade in oil firming up ..

[JTDOUBLE]

With China opening new refinery in heavy crude expect wcs close tge discount to wti..

Originally designed to work with Venezuelan crude, the new refinery will now be using heavy crude from Colombia, Ecuador, and Canada for its operations, the report noted, citing unnamed sources.

According to them, PetroChina has contracted at least 8 million barrels of heavy crude from these three countries, to load in April. And prices are already reflecting this tick-up in demand: Canada’s Cold Lake sells at a discount of $11.50 to Brent crude, which is down from about $20 per barrel earlier this year.

[tarnoir]

$11.50 differential to Brent? or, WTI? Brent is typically for North Sea/Europe I believe.

[uwebb429]

Here is the original article. https://oilprice.com/Energy/Energy-General/The-Price-Of-Heavy-Crude-Oil-Is-Climbing.html Cold Lake WCS usually trades at a smaller differential compared to other heavy oils produced in Alberta. It is shipped to the Gulf Coast for export overseas.  Mexico's decision to stop exporting oil in 2023 will help keep the WCS differential stable this year. https:/