As the sharp rise in tanker freight has subsided and international oil prices have fallen, Canadian heavy crude oil has recovered from its weakest level in eight years. As of Wednesday, the discount for selected crude oil from western Canada in Alberta compared to the average monthly price of US crude oil futures had narrowed to $26.50 per barrel, down from nearly $32 on November 3. The discount narrowed to $25 per barrel on Monday, the narrowest level since the beginning of October. WTI crude oil futures fell about 16% this month due to market optimism about the end of the war between the US and Iran, which led to a simultaneous narrowing of discounts.

As the sharp rise in tanker freight has subsided and international oil prices have fallen, Canadian heavy crude oil has recovered from its weakest level in eight years. As of Wednesday, the discount for selected crude oil from western Canada in Alberta compared to the average monthly price of US crude oil futures had narrowed to $26.50 per barrel, down from nearly $32 on November 3. The discount narrowed to $25 per barrel on Monday, the narrowest level since the beginning of October. WTI crude oil futures fell about 16% this month due to market optimism about the end of the war between the US and Iran, which led to a simultaneous narrowing of discounts.