An oil-price headline is easier to interpret when the quote identifies the crude benchmark, delivery location, currency, unit and observation time. A spot assessment, futures settlement and weekly average describe different observations. A current-looking screen can still display an old stored record.
WTI, Brent and WCS are useful references rather than one universal price for every barrel. Differences in crude quality, destination and transport affect the comparison. A benchmark headline therefore needs context before it can explain the price received by a particular producer. EIA benchmark explanation.
For Canadian heavy oil, identify the WCS quote location and the matching WTI observation. A comparison of Hardisty and Cushing includes both quality and the cost of reaching refining markets. The difference is commonly called a differential or discount; it changes over time. CER explanation, released May 16, 2018.
Use five questions when reading a price card:
- Which benchmark and delivery location does it represent?
- Is it a spot observation, futures contract or period average?
- What currency and unit apply?
- When was the market observed, and when did the site retrieve the record?
- Is the value sourced directly, calculated from another value, or only illustrative?
A fixed subtraction from WTI is a scenario, not independent evidence of a WCS market price. Keep it labelled as an estimate. Likewise, an average should carry its covered period: EIA's weekly spot series is calculated from daily closing observations and is not a tick-by-tick quote. EIA spot-price series and notes.
The practical takeaway: compare like periods and units, retain the source timestamp, and separate sourced observations from calculations. This guide contains no current price forecast or trading recommendation.