Canadian Oil Discount Hits Over $30 Amid Gulf Coast Supply Pressures

Photo: Mint Markets

Heavy crude oil in Alberta, known as Western Canadian Select, has fallen to its lowest price relative to US futures in over four years, with a discount reaching $31 a barrel compared to West Texas Intermediate. On the US Gulf Coast, the discount widened to $23.50, the largest since 2018, driven by Venezuelan supply buildup and high tanker costs. Canadian and Alberta governments support a new pipeline to British Columbia to diversify oil exports away from the US.

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