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| Last updated: June 5, 2026 05:49 | |
Brent vs. WTI Spread
The Brent vs. WTI Spread reflects the price difference of the international crude marker price of Brent and the U.S. domestic marker of West Texas Intermediate (WTI) crude in Cushing, OK. This differential gravitated around zero for decades with WTI frequently above and leading Brent. But that all changed in 2011 as the glut of shale production backed up in Cushing. In effect there are two variables that move this spread. The first is the difference between the crude price in Cushing and the price on the U.S. Gulf Coast. The second is the difference between the Gulf Coast and Brent. For U.S. crude exports to be economically viable, the price of Brent must be higher than the price on the Gulf Coast.
Canadian crude output is rising, requiring new export routes. As traditional pathways face constraints, the U.S. Rockies—especially the Guernsey, WY hub—are emerging as key corridors for moving Canadian heavy crude to downstream markets, including the Gulf Coast.
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