Western Canadian Select, an Alberta crude benchmark, is climbing higher as wildfires rage in the province, forcing oil companies to shut down production.
As of Monday morning, WCS is trading at $33.06 (U.S.) a barrel, more than double its low point for the year. The price gap between WCS and West Texas intermediate, the U.S. benchmark, has tightened to its narrowest level since June of 2015, with Alberta's heavy crude trading at a $11.10 discount to WTI.