WCS Discount to WTI Hits 18-Month High as Venezuelan Barrels Re-Enter U.S. Market

The price gap between Canadian heavy crude and U.S. benchmark oil widened to its largest level in a year and a half, as Western Canada Select for February delivery in Hardisty, Alberta, settled at a $14.45 per barrel discount to West Texas Intermediate (WTI). The sharp move comes as markets assess U.S. President Donald Trump’s agreement to allow imports of up to $2 billion of Venezuelan crude, a development that could reshape heavy oil flows into North America. The shift adds pressure to Canadian producers already contending with transportation constraints, and it may influence relative pricing dynamics between Oil – US Crude (WTI) and seaborne benchmarks such as Oil – Brent Crude, particularly if Venezuelan barrels begin displacing other heavy grades in U.S. Gulf Coast refineries.

Over the past month, both major crude benchmarks have drifted lower, reflecting a softer macro backdrop and ongoing concerns about demand. Oil – US Crude is down about 4.15% on a one-month basis, with the short-term technical backdrop pointing to sustained bearish momentum, as indicated by a 1-day signal of Strong Sell. Oil – Brent Crude has fallen roughly 3.83% over the same period, and its 1-day technical reading also stands at Strong Sell, underscoring broad downside pressure across crude benchmarks. These technical and price trends suggest that, in addition to regional supply shifts driven by Venezuelan flows, global crude markets remain vulnerable to further weakness. Investors can explore more updates, prices, and analysis across global markets at Commodities.