ENERGY MARKETS
Crude Oil Prices
Natural Gas Prices
Real-Time Charts
Upgrades & Downgrades
Data Downloads


NEWSLETTER SIGN-UP
Sign-up for the latest oil sands news, site updates, energy statistics and what's moving energy markets, delivered to your inbox every week-end:

WE RESPECT YOUR PRIVACY
You can opt out anytime by clicking "UNSUBSCRIBE" at the bottom of the newsletter.
Western Canadian Select stages a spectacular May rally

Western Canadian Select stages a spectacular May rally

May turned out to be a good month for oil prices, climbing for the third month in a row. The May average for Western Canadian Select (WCS) was almost 30% higher than April, in both US and Canadian dollar terms. Canadian heavy oil prices have almost doubled from the lows of January.

 
 
47.74
4.40 ▲ 10.2%
BRENT USD/BBL
46.80
5.67 ▲ 13.8%
WTI USD/BBL
34.61
7.54 ▲ 27.8%
WCS USD/BBL
44.84
10.19 ▲ 29.4%
WCS CAD/BBL
MONTHLY % CHANGE 

The heavy oil discount declined from an average of US$14/bbl in April to US$12.20/bbl in May. About 1.2 million bbl/day was taken offline for most of May due to the Fort McMurray wildfires, which shaved approximately US$1/bbl off the differential between West Texas Intermediate and WCS. Some of that lost production has already started to come back online, although the differential seems to be holding steady for now.

 
 

The price difference between Brent and WTI also narrowed in May, coming much closer to parity. The Alberta wildfires have taken about 10% of North America's production offline, helping to boost the price of WTI. Declining production from US shale is also helping narrow the gap.

Daily oil prices are posted to our "Oil Prices" page, along with the Friday weekly close. The WTI versus WCS differential is averaged out monthly to smooth out the data.

Cushing inventories enter the yellow zone

Cushing inventories enter the yellow zone

Lindbergh Pilot expansion gets the green-light

Lindbergh Pilot expansion gets the green-light

0