WCS Discount to WTI Narrows as Benchmark Crude Prices Extend Monthly Gains

The price discount on Western Canada Select (WCS) heavy crude versus U.S. benchmark futures narrowed slightly on Wednesday, signaling modest improvement in Canadian heavy crude differentials. Brokerage data showed WCS for February delivery at Hardisty, Alberta, settling $14.30 per barrel below U.S. benchmark Oil – US Crude (WTI), compared with a $14.40 discount a day earlier. While the spread remains historically wide, the incremental tightening may reflect ongoing pipeline and refinery demand dynamics, as well as stronger overall crude benchmarks, which can influence producer netbacks and export economics for Canadian barrels. International benchmark Oil – Brent Crude also remains a key reference point for global pricing and arbitrage flows that shape North American differentials.

Over the past month, both major crude benchmarks have posted solid gains, reinforcing a firmer backdrop for heavy crude pricing. Oil – US Crude has advanced about 7.9% in the last 30 days, supported by expectations of tighter supply and resilient demand, and currently shows a 1-day technical rating of Buy, suggesting near-term bullish momentum from a technical standpoint. Meanwhile, Oil – Brent Crude has climbed roughly 8.4% over the same period and also carries a 1-day technical signal of Buy. The combination of strengthening benchmark prices and a slightly narrower WCS-WTI spread may improve realized prices for Canadian producers while still leaving differentials wide enough to reflect quality and transportation constraints. Investors can explore more updates, prices, and analysis across global markets at Commodities.