| Brent vs. WTI Spread |
3.59
0.16
|
|---|---|
| Last updated: August 5, 2026 06:20 | |
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.
Related Articles
Q2 2026 Earnings Calls: Diamondback Clears 1 MMboe/d, Lifts 2026 Guidance Again as Waha Gas Price Flips Positive
On its Q2 2026 earnings call today, Permian operator Diamondback Energy reported oil production of 525 Mbbl/d, at the top end of guidance, while total production of 1,018 Mboe/d carried the company above 1 MMboe/d for the first time in its history.
Alberta Oil Production 4.49 Million b/d in June; Year-to-Date Up 149 Mb/d
Alberta crude oil and condensate production for June averaged 4.49 MMb/d, up 173 Mb/d vs. May, and up 127 Mb/d year-over-year, according to data released by the Alberta Energy Regulator this week (see red dots in chart below).
Jambalaya on the Bayou – A Drill Down Report on Louisiana’s Crude Oil Pipelines and Refineries
Louisiana’s refineries process vast amounts of domestic crude oil — much of it from the offshore U.S. Gulf — and imported oil from Canada and other countries. The refineries also play a critically important role in supplying refined product to the Southeastern U.S and the Mid-Atlantic states.
U.S. Rig Count Edges Up One to 588 to Close Out July; Permian Leads Modest Gains
U.S. oil and gas rig count edged up one rig to 588 for the week ending July 31 according to Baker Hughes data, as gains in Permian (+2) and Gulf of Mexico (+1) more than offset declines in the Niobrara (-1) and All Other (-1).
Q2 2026 Earnings Calls: Chevron Reports Record U.S. Production, Refinery Throughput
Chevron’s global upstream volumes increased by more than 5% in Q2 2026, while U.S. production reached a record of nearly 2.1 MMboe/d, the company said during its quarterly earnings call July 31. Downstream operations also reached new highs. Chevron processed more than 1 million b/d through its U.S. refineries, a record.
