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Use the U.S. Energy Information Administration’s daily spot-price table for an official, like-for-like comparison: it reports WTI at Cushing, Oklahoma and Brent for Europe in U.S. dollars per barrel. Match the same date, then calculate the Brent–WTI spread as Brent price − WTI price. A positive result means Brent cost more for that observation. Always identify the benchmark, location, date, unit, and whether the number is a spot price or an exchange-traded futures quote.
What an “oil price” actually refers to
There is no single universal oil price. A quoted number is meaningful only when you know which benchmark it represents and how it was measured. The most important distinctions are:
- Benchmark: Brent and West Texas Intermediate (WTI) are different reference markets.
- Location: The EIA series identifies WTI at Cushing, Oklahoma and Brent for Europe.
- Price basis: A spot price describes a physical-market observation, while a futures price belongs to a specified exchange contract and delivery month.
- Time: A daily close, a weekly average and a live or delayed quote are not interchangeable.
- Unit and currency: The EIA tables cited here use U.S. dollars per barrel.
These labels matter because two websites can show different numbers without either being wrong. One may display a current futures contract while another shows the previous day’s spot close. Before comparing or quoting a number, write down the benchmark, location, timestamp or averaging period, currency, units and price basis.
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Daily observations
The EIA daily spot-price table is the clearest source for a historical Brent-versus-WTI comparison. Find the rows labeled “WTI – Cushing, Oklahoma” and “Brent – Europe.” Both are expressed in dollars per barrel. Select the same calendar date in each row; do not pair a latest WTI observation with an older Brent observation simply because the pages were opened at different times.
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Daily tables are useful when you need to see a market move, calculate a single-day spread, or document the price on a particular date. Oil markets can move sharply between observations, so put the observation date beside every figure in an article, spreadsheet or presentation.
Weekly, monthly and annual views
For a slower-moving view, use the EIA’s weekly table or its longer historical series. EIA’s table notes state that weekly, monthly and annual prices are calculated from daily closing spot prices using an unweighted average. That method is different from a volume-weighted average and should be stated when you report an average.
An average for a month is therefore not the price at the end of that month. It is the arithmetic mean of the daily closing spot observations included in the EIA’s period. Compare Brent and WTI using the same averaging period and method.
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For a multi-year chart or an automated spreadsheet, download the historical EIA series rather than copying individual cells from a webpage. Preserve the original date column and series names. Add fields for units, source, retrieval date and whether each row is daily or an EIA-derived period average. Keeping that metadata prevents a later reader from mistaking a monthly average for a daily quote.
How to compare Brent and WTI step by step
- Open the daily EIA spot-price table. Locate the Brent-Europe and WTI-Cushing rows.
- Choose a common observation date. If one series has no observation for that date, use the next date available for both rather than silently mixing dates.
- Confirm the basis. Verify that both values are spot observations, both are in U.S. dollars per barrel, and both use the same daily or period-average frequency.
- Record the raw values. Keep at least two decimal places in your working sheet, while preserving the precision shown by the source.
- Subtract WTI from Brent. Use the formula
Brent–WTI spread = Brent price − WTI price. - Label the result. State the date or averaging period, units and basis, for example: “The August 2026 average Brent–WTI spot spread was $7.18 per barrel.”
- Add market context. Explain whether you are discussing physical spot prices or an exchange futures curve, and name the contract month if futures are involved.
For a spreadsheet, if Brent is in cell B2 and WTI is in C2, enter =B2-C2 in the spread column. Copy the date into the same row so the arithmetic cannot be detached from its observation period.
Worked example: calculating the spread
EIA reported the following August 2026 monthly average spot prices:
| Benchmark | Location label in EIA series | August 2026 average |
|---|---|---|
| Brent | Brent – Europe | $91.08 per barrel |
| WTI | WTI – Cushing, Oklahoma | $83.90 per barrel |
The calculation is:
$91.08 − $83.90 = $7.18 per barrel
Because the result is positive, Brent averaged $7.18 per barrel above WTI for that same August period. This is a period-average spread, not a statement about every trading day in August and not a live quote.
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EIA’s October 2026 Short-Term Energy Outlook reported that Brent averaged $114 per barrel in September 2026, $23 per barrel above August. That September Brent figure alone cannot produce a Brent–WTI spread; a matched September WTI observation is also required. Do not infer the WTI value or subtract an August WTI average from a September Brent average.
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Why Brent and WTI prices differ
They represent different physical locations
WTI in the EIA series is tied to Cushing, Oklahoma, a major U.S. oil storage and delivery point. Brent in the EIA series is labeled for Europe and represents a different regional market. Crude available at one location can have a different value from crude at another because moving barrels requires transport capacity, time and money.
Local supply and infrastructure change the relationship
Pipeline capacity, storage levels, port access, refinery demand and temporary outages can make one location relatively tight or oversupplied. When crude accumulates around an inland delivery point, its local price can weaken relative to a waterborne benchmark. When transport routes are constrained elsewhere, the relationship can move in the opposite direction.
Quality and refinery economics matter
Refineries value crude according to properties such as density, sulfur content and the products they can yield. The benchmark price is therefore not a universal price for every barrel. Changes in refinery maintenance, product margins or regional crude demand can affect Brent and WTI differently.
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Events that interrupt seaborne shipments, pipelines or storage can move a benchmark quickly. EIA’s October 2026 outlook attributed a sharp September Brent increase to attacks on oil infrastructure and tankers around the Middle East, including a temporary halt to flows on Saudi Arabia’s East-West pipeline. It reported a Brent daily spot price as high as $131 per barrel on September 15. That is a dated event observation, not a normal or current price.
The spread is therefore a changing market relationship, not a permanently fixed Brent premium. Interpret it alongside the locations, infrastructure and disruptions relevant to the dates you are studying.
Spot prices, Brent Index values and futures are not the same thing
EIA spot prices
The EIA table used for the calculation above is a spot-price series. Its weekly, monthly and annual figures are unweighted averages of daily closing spot prices. Use these observations when your goal is an official historical comparison on a common basis.
ICE Brent benchmark and settlement context
ICE describes its Brent Index as the average price of prevailing North Sea cash or forward-market trading in the relevant delivery month, based on published full-cargo-size trades and assessments reported and confirmed by industry media. ICE says the index is published after expiry of the front-month ICE Brent futures contract and is used as the final cash settlement price.
This is a specific benchmark and settlement reference. It should not be treated as interchangeable with every spot quote, an intraday screen price or a live futures quote. If you use an ICE value, identify it as the ICE Brent Index and retain the relevant delivery-month and publication context.
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NYMEX WTI futures
CME describes NYMEX WTI futures as physically settled and closely connected to the spot market. A futures price is still an exchange-traded contract for delivery in a specified period, not the same observation as the EIA’s historical WTI spot series. Futures prices also vary by contract month.
When comparing an exchange chart with EIA data, place the basis in the heading or table column: “EIA WTI spot,” “front-month WTI futures,” “ICE Brent Index” or another exact description. Avoid the generic label “oil price.”
How to choose a tracking source
| Need | Suitable source type | What to verify |
|---|---|---|
| Official historical spot comparison | EIA daily Brent-Europe and WTI-Cushing tables | Observation date, dollars per barrel and spot basis |
| Weekly or monthly trend | EIA period tables or historical series | That the values are unweighted averages of daily closing spot prices |
| Exchange-traded Brent benchmark information | ICE benchmark and contract information | Index definition, delivery month and settlement convention |
| Exchange-traded WTI exposure | CME NYMEX WTI futures information | Contract month, physical settlement and whether the displayed quote is delayed |
| Intraday monitoring | An exchange or market-data display | Timestamp, time zone, update frequency, delay, currency and contract month |
A source can be authoritative for one purpose and unsuitable for another. EIA is well suited to historical spot observations; exchange pages are the appropriate reference for their own contracts and settlement rules. Neither distinction disappears because two charts use the word “Brent” or “WTI.”
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For a daily report
- Set a fixed time each day to retrieve the EIA daily table and record its release or retrieval date.
- Copy the latest common Brent and WTI observations into a sheet with the date in the first column.
- Calculate Brent minus WTI in a separate column.
- Display the benchmark names, locations, units and spot basis in the chart title or caption.
- Flag missing observations rather than filling them with a prior day’s value.
For a weekly or monthly report
- Choose either the EIA weekly values or your own average of matched daily observations.
- Use the same period and method for both benchmarks.
- Label the result as a period average, not a closing price.
- Include the current spread alongside a short explanation of any unusually large movement, such as a supply disruption or transport constraint documented for that period.
For a chart or dashboard
Plot Brent and WTI on the same vertical scale when the purpose is direct price comparison. Add a second panel for the spread so readers can see whether the difference widened because Brent rose, WTI fell, or both moved. Keep daily and monthly series in separate charts unless the aggregation is made explicit; mixing frequencies can create a misleadingly smooth line.
Common mistakes and how to correct them
Comparing unmatched dates
Problem: A latest quote for one benchmark is compared with a prior-day or prior-week value for the other.
Fix: Join the series by date and calculate only rows where both observations exist. Show the date next to the spread.
Mixing spot and futures
Problem: A front-month futures quote is described as the current spot price.
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Fix: Keep separate columns for spot and futures, name the exchange and contract month, and state whether the quote is delayed or real time when that information is available.
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Ignoring averaging methodology
Problem: An EIA monthly average is presented as if it were the month-end price.
Fix: Call it an EIA monthly average and note that EIA calculates period prices from daily closing spot prices using an unweighted average.
Using “Brent” without defining which benchmark
Problem: A chart label does not say whether it shows an EIA Brent-Europe spot observation, an ICE Brent Index value or a futures contract.
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Fix: Put the full series or contract name in the chart title and source note.
Treating a spread as permanent
Problem: A historical premium is repeated as if Brent must always trade above WTI.
Fix: Recalculate the spread for the period under discussion. A positive value means Brent was higher for that matched observation; a negative value means WTI was higher.
Publishing stale volatile figures
Problem: A price or forecast is presented as current even though the market has moved.
Fix: Recheck the EIA table immediately before publication, put the observation date beside the number, and distinguish observed data from forecasts.
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How to read recent 2026 figures without confusing facts and forecasts
The EIA’s October 2026 Short-Term Energy Outlook provides a useful example of why dates and labels belong with every number:
| Figure | What it represents | How to use it |
|---|---|---|
| $91.08 per barrel | August 2026 Brent spot-price average | Can be compared with the August WTI average to calculate a period spread |
| $83.90 per barrel | August 2026 WTI spot-price average | Use with the same August period and EIA basis |
| $114 per barrel | September 2026 Brent spot-price average | A September observation; do not combine with August WTI to create a spread |
| $131 per barrel | Highest Brent daily spot price reported in the outlook for September 15, 2026 | A dated market event, not a typical or current price |
| $105 per barrel | EIA forecast for average Brent in 2026 Q4 | A forecast based on inputs finalized October 1, 2026 |
| $84 per barrel | EIA forecast for average Brent in 2027 | A forecast, not an observed market price |
The outlook says its forecasts did not account for additional market effects from the G7 announcement on October 2. That qualification makes the forecast especially unsuitable as a substitute for a live quote. Use the EIA table for observed prices and label outlook numbers as forecasts with their publication and input dates.
Interpreting the Brent–WTI spread
Positive spread
If Brent minus WTI is positive, Brent is more expensive than WTI for the matched date or period. The size of the premium tells you the price difference in dollars per barrel, not the percentage difference. If you need a percentage, state the denominator explicitly; for example, a Brent premium relative to WTI would divide the dollar spread by WTI, while a premium relative to Brent would use Brent as the denominator.
Negative spread
If the result is negative, WTI is higher for that observation. Do not “correct” a negative number to force Brent into the usual ordering. Report the sign and investigate the regional supply, transport, quality or market conditions relevant to that date.
Large changes in the spread
A widening spread can result from Brent rising faster than WTI, WTI weakening while Brent is steady, or both prices moving in opposite directions. Inspect the two price columns separately before attributing the move to a single event. A spread chart without the underlying series can hide that distinction.
What to document whenever you publish a price
- Benchmark and exact series name.
- Location label, such as Cushing, Oklahoma or Europe.
- Spot or futures basis.
- For futures, exchange and contract month.
- Observation date and, for intraday data, timestamp and time zone.
- Currency and unit, normally U.S. dollars per barrel in the EIA tables discussed here.
- Daily close, weekly average, monthly average or another aggregation.
- Whether the number is observed or forecast.
- Source retrieval or release date, especially for volatile markets.
This information turns an otherwise ambiguous “oil price” into a reproducible data point that another reader can locate and compare.
A concise checklist before calculating or publishing
- Are Brent and WTI from the same date or averaging period?
- Are both values spot prices, or are both exchange futures from clearly identified contract months?
- Are the units and currency identical?
- Have you used
Brent − WTI, rather than the reverse, and retained the sign? - Does the caption say whether the result is daily, weekly or monthly?
- Have you separated observed prices from forecasts?
- Is the figure recent enough for the purpose, and have you checked the source again before publication?
Bottom line
For a defensible historical comparison, start with the EIA’s daily Brent-Europe and WTI-Cushing spot series, align the dates, and subtract WTI from Brent. Use EIA period averages for slower trend analysis, and keep ICE Brent and CME NYMEX WTI futures clearly separate from spot observations. The resulting spread is a dated market measurement that changes with regional conditions—not a permanent rule about which benchmark must be higher.
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