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Is WCS crude experiencing differential déjà vu?

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08 August 2022

Is WCS crude experiencing differential déjà vu?

Report summary

Wide discounts for Western Canadian heavy crude prices to US benchmark WTI are roaring back with ferocity after the specter of tightening egress capacity resurfaces despite recent long-haul capacity expansions. Supply growth is once again testing the upper limits of outbound pipeline capacity to the US resulting in >US$20/bbl discounts to WTI for the third month in a row in July, something that hasn’t occurred since 2018. We explore what’s next for WCS discounts and WSCB crude egress in addition to how we expect producers to respond to widening WCS discounts this cycle compared to previous.

Table of contents

Tables and charts

This report includes 2 images and tables including:

  • WCSB long-haul pipeline utilisation
  • WTI-WCS differential

What's included

This report contains:

  • Document

    Is WCS crude experiencing differential déjà vu?

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