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Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →Brent and West Texas Intermediate (WTI) are different crude-oil benchmarks tied to different markets and delivery locations—not two prices for the same barrel in the same place. Their price difference, or spread, changes with transport costs, oil quality, inventories, refinery demand, and regional or global supply conditions. In the latest EIA weekly spot data available on October 4, 2026, Brent averaged $117.08 per barrel and WTI $93.57 for the week ending September 25: a calculated Brent premium of $23.51 per barrel.
What is the difference between Brent and WTI?
Both benchmarks help buyers and sellers price many types of crude oil. Brent is a widely used global marker associated with North Sea crude and internationally traded, waterborne oil. WTI is the U.S. crude marker; the EIA’s spot-price series refers to WTI at Cushing, Oklahoma. A benchmark is a reference price, not a label for every barrel produced in its region.
| Comparison | Brent | WTI |
|---|---|---|
| Market role | Widely used global benchmark | U.S. marker and domestic spot benchmark |
| Location reference | North Sea-linked and internationally traded crude | Cushing, Oklahoma, for the EIA spot series |
| Factors that can weigh strongly | Global crude balances, shipping, and seaborne market access | U.S. inventories, domestic policy, and inland or export connectivity |
| Price basis to identify | Spot assessment or named futures contract and month | Cushing spot or named WTI futures contract and month |
Which benchmark matters depends on the crude grade, delivery location, and pricing arrangement. A physical crude price commonly starts with an appropriate benchmark and is adjusted for the grade and delivered location, so a local crude differential is related to—but not interchangeable with—the Brent–WTI spread.
Why is Brent sometimes more expensive than WTI?
The benchmarks represent different market balances and delivery economics. A price difference is not a permanent premium and does not measure crude quality alone. The U.S. Energy Information Administration (EIA) identifies several influences on crude differentials:
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- Quality: API gravity, a measure related to density, and sulfur content affect a crude’s refining value and compatibility with refinery equipment.
- Location and transport: Pipeline, storage, port, and shipping costs shape the value of oil delivered to a buyer. Constraints on moving barrels can keep regional prices apart.
- Supply and demand: Production, imports and exports, inventories, and disruptions can affect U.S. and international markets differently.
- Refinery demand and utilization: Refinery needs and operating rates influence which crude grades are attractive and how strongly available supplies are bid.
These factors interact. A disruption may push one benchmark more than the other depending on where crude is available and whether it can reach the market that needs it.
What does the Brent–WTI spread mean?
The spread is the difference between Brent and WTI prices on a specified basis and over a specified period. For the week ending September 25, 2026, the EIA’s weekly spot table showed Brent at $117.08 per barrel and WTI at $93.57. Subtracting WTI from Brent gives a calculated Brent premium of $23.51 per barrel. The weekly prices are unweighted averages of daily closing spot prices, not a real-time October 4 quote.
A premium of this kind describes only the quoted benchmarks for that period. It does not mean every international barrel is worth more than every U.S. barrel. A widening spread can point to diverging regional supply and demand or higher costs and limits on moving crude between markets; a narrowing spread can indicate those differences easing or shifting. To interpret a move, look for confirming evidence in inventories, transportation, exports, refinery activity, and disruptions.
Why did the spread widen in 2026?
In its April 2026 Short-Term Energy Outlook, the EIA said Brent rose more than WTI because Brent was more exposed to global crude-market conditions. It cited higher transportation costs amid disrupted navigation through the Strait of Hormuz and reduced shipping capacity between markets. It also pointed to above-average U.S. crude inventories, a planned Strategic Petroleum Reserve release, and a 60-day Jones Act waiver as factors relevant to WTI and the comparison.
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That April explanation is tied to conditions described at the time; it should not be treated as a complete explanation of every later price move. The same report forecast a $15-per-barrel spread peak in April, a $9-per-barrel average in the third quarter, and $4 per barrel in the fourth quarter of 2026, assuming disruptions would dissipate. Those were conditional EIA forecasts, not observed results. The September 25 weekly spot comparison was instead a calculated $23.51-per-barrel Brent premium.
Historically, the EIA has also linked changes in the spread to transportation constraints and export costs, illustrating why market connectivity matters. That historical analysis is not an explanation of 2026 prices.
How to compare Brent and WTI prices correctly
- Match the price basis. Compare spot with spot, or futures with futures; do not treat a spot assessment and a futures settlement as equivalent.
- Match the date or period. Use prices for the same day, weekly average, or other stated period.
- Check units and currency. The EIA weekly spot figures above are U.S. dollars per barrel.
- For futures, name the contract month. ICE says its Brent Index represents average North Sea cash or forward-market prices for the relevant delivery month, based on qualifying full-cargo trades and assessments. It is used as the final cash settlement price when the front-month ICE Brent futures contract expires.
A spot price is the price for a one-time open-market transaction for immediate delivery of a specified quantity at a specified location. Futures prices refer to contracts with defined terms and delivery periods, so mixing contract months or settlement bases can produce a misleading spread.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Do Brent and WTI prices determine gasoline prices?
No. Brent and WTI are crude benchmarks, not retail gasoline prices. The cost of crude is one input; refining margins, distribution and retail margins, and taxes also affect what drivers pay at the pump.
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Sources and dated price context
- EIA, “Benchmarks play an important role in pricing crude oil” (October 28, 2014): benchmark purpose and factors behind crude differentials.
- EIA weekly spot prices: weekly Brent and WTI values; the data release available here was published September 30, 2026, with October 7 listed as the next release date.
- EIA, April 2026 Short-Term Energy Outlook: explanation and forecasts specific to that report’s market conditions.
- ICE Brent Crude Futures: Brent Index and final cash settlement description.
- EIA historical analysis of Brent–WTI price differences (November 2017): transportation constraints and export costs.
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