Western Canadian Select (WCS) heavy crude's discount to WTI widened to US$28 a barrel on Wednesday, about US$15 wider than a year ago, while WTI traded near US$98 a barrel. The gap reflects Venezuelan crude returning to the U.S. market and surging Alberta oil sands output, with the Trans Mountain pipeline running at capacity and Canada sending 90% of its exports to the U.S. According to Rystad Energy, Venezuelan crude exports to the U.S. rose from 125,000 barrels a day at the start of the year to an average of 600,000 this month, adding urgency to the proposed Pacific Link pipeline to Asia. TD Cowen revised its differential forecast to US$15.50 per barrel for 2026, US$17 for 2027 and US$16 for 2028, while high benchmark prices and strong refining margins have partly offset the wider discount.
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Related tickers and likely impact
USD/CAD
▲ Likely positiveRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/21/2026 | 1.40486 |
| Change that session | -0.08% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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