| Brent vs. WTI Spread |
3.40
-0.47
|
|---|---|
| Last updated: June 25, 2026 06:01 | |
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
Jambalaya on the Bayou – Big Changes Ahead for Where and How Louisiana Refineries Get Their Crude
The sourcing of crude oil for the 14 refineries in Louisiana has been shifting over the past few years and the pace of that shift is picking up as more U.S. Gulf production flows to Texas (and less flows to the Bayou State), new pipeline projects come online, and refineries modify their crude slates.
Running on Reserve: Crude Oil in the SPR Plummets to a Four-Decade Low
According to the EIA's Weekly Petroleum Status Report (WPSR) released this morning, the Strategic Petroleum Reserve (SPR) recorded its 13th consecutive weekly draw for the week ended June 19, reducing stocks to levels not seen since 1983.
Crude Export Demand Remains Steady Despite Weather and Market Headwinds
U.S. Gulf Coast (USGC) crude exports remained remarkably resilient last week despite a sharp decline in crude prices and weather-related disruptions along the Texas coast.
U.S. Rig Count Up One to 563; Niobrara Posts Week's Only Change
U.S. oil and gas rig count edged up one rig to 563 for the week ending June 18 according to Baker Hughes data, with the Niobrara (+1) the week's sole basin mover as all other basins held steady.
U.S. Crude Exports Dip to 4.7 MMb/d
U.S. Gulf Coast crude exports fell to 4.7 MMb/d for the week ending June 12 (far right of chart below), but still remain above the 2026 year-to-date (YTD) average of 4.5 MMb/d. Europe reclaimed its position as the primary destination for U.S.
