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The price differential between Western Canadian Select (WCS) crude and WTI in Hardisty, Alberta has widened to $31 per barrel.
Rory Johnston stated that this matches the widest spread observed in late 2022 and is comparable to the late 2018 differential that led to production curtailment in early 2019.
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Johnston has previously highlighted a bearish divergence between the prompt Brent crude futures price and its prompt timespread in recent market commentary. He also noted a rebound in crude oil prices following an initial decline, suggesting continued market volatility in earlier reporting. These observations provide further context to recent movements in Canadian crude differentials.