(April 7) : The spiderweb of cracks in the global oil market are spreading across the Rocky Mountains and US Great Plains as demand for a shrinking pool of accessible crude escalates. Mars crude pumped from the US Gulf of Mexico climbed to around an US$18 premium to WTI last week, before easing to around $17. US and Canadian oil is increasingly being drawn to coastal markets for export, tightening local spot supplies, according to traders. One crude grade that wasn’t surging Monday was the local Canadian benchmark Western Canadian Select. The discount to a monthly average of WTI widened to US$16.25 from US$14.65, according to Modern Commodities, amid rising volumes of Venezuelan crude.

Source: The Edge Markets April 06, 2026 22:16 UTC