Canadian Heavy Crude Rebounds as Tanker Freight Rates Fall

The narrowing here is driven as much by a fading freight shock as by fundamentals: the earlier blowout in the WCS discount tracked surging tanker rates, and its reversal shows how much of the widening was logistics rather than crude quality or demand. The simultaneous slide in WTI on war-end optimism complicates the read, since a weaker flat price can flatter the spread without any real improvement in Canadian barrel economics. The open question is whether freight stays calm enough for the discount to hold near recent lows, or whether the move unwinds once the geopolitical premium in crude stabilizes.