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Use the U.S. Energy Information Administration’s daily spot-price table when you need an official, like-for-like comparison: it reports WTI at Cushing, Oklahoma and Brent for Europe, both in U.S. dollars per barrel. Match the same observation date, then calculate Brent − WTI. The result is the Brent–WTI spread: positive when Brent costs more and negative when WTI costs more.
Do not treat every number labeled “oil price” as interchangeable. A spot observation, an exchange futures contract, an index settlement, a weekly average and a delayed quote can all describe different things. The benchmark, location, contract month, timestamp, currency, unit and price basis must accompany every comparison.
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What you are comparing when you say “oil price”
Crude oil is traded in several benchmark series rather than at one universal price. The two most widely followed benchmarks in this comparison are Brent and West Texas Intermediate (WTI). They represent different delivery locations and market structures, so a difference between them is normal.
WTI in the EIA data
The EIA labels its series “WTI – Cushing, Oklahoma.” Cushing is the physical delivery hub associated with the WTI benchmark. In the EIA table, the value is a daily closing spot price in dollars per barrel, not the price of a particular exchange-traded futures contract.
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Brent in the EIA data
The corresponding EIA label is “Brent – Europe.” It is a location-linked Brent spot series expressed in dollars per barrel. It is not automatically the same as an ICE futures quote, a Brent cash assessment or a particular cargo price.
Why the distinction matters
Two charts can both say “Brent” while showing different measures. One might show an EIA daily spot observation, another the front-month ICE Brent future, and another an index used for final cash settlement. Their timestamps and settlement rules can differ. A valid comparison therefore starts by identifying the exact series and price basis, not by copying the largest number on a screen.
The simplest reliable workflow for tracking both benchmarks
- Open the EIA daily spot-price table. Find the rows named “Brent – Europe” and “WTI – Cushing, Oklahoma.”
- Use the same observation date. If Brent’s latest value is from Tuesday, use WTI’s Tuesday value—not a weekly average or a Wednesday quote.
- Confirm the units and basis. Both observations should be in U.S. dollars per barrel and identified as spot prices.
- Record the date beside each value. Prices can change materially between publication dates, and a number without its date is easy to misread later.
- Subtract WTI from Brent. Use the formula
Brent–WTI spread = Brent price − WTI price. - Label the result. State the date or averaging period, the unit (dollars per barrel), and that it is a spot-price spread.
- Add market context only after the arithmetic. If you are discussing futures, identify the exchange, contract month, settlement type and any quote delay separately.
This process gives you an official historical spot comparison. It is not a guarantee of a real-time trading quote: EIA tables are designed for published observations, while exchange data may update during trading hours and may be delayed depending on the display.
How to calculate the Brent–WTI spread
Daily calculation
Suppose the matched EIA observations are Brent at $91.08 per barrel and WTI at $83.90 per barrel. The calculation is:
$91.08 − $83.90 = $7.18 per barrel
For that date or averaging period, Brent is $7.18 per barrel above WTI. The sign carries the meaning: a positive spread means Brent is higher; a negative spread means WTI is higher.
Spreadsheet method
Put the date in column A, Brent in column B and WTI in column C. In column D, enter =B2-C2. Copy the formula down only after checking that each row contains matched dates. Format columns B through D as currency with two decimal places, and add a header such as “dollars per barrel, spot.”
Weekly, monthly and annual calculations
The EIA notes that its weekly, monthly and annual prices are calculated from daily closing spot prices using an unweighted average. To compare a monthly Brent and WTI figure, use the same month and the same aggregation method. Do not subtract a daily Brent price from a monthly WTI average. If you calculate your own weekly average, document which daily observations were included and whether missing days were excluded.
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The spread is a price difference, not a complete measure of profitability, quality, transport cost or refinery margin. It does not tell you which grade is “better,” and it does not predict the next move without additional supply, demand, logistics and financial-market information. Treat it as a market relationship that changes over time.
Where to track prices and what each source actually represents
| Source or series | What it measures | How to use it | Important qualification |
|---|---|---|---|
| EIA daily spot table | WTI at Cushing and Brent for Europe, daily closing spot observations in dollars per barrel | Official historical spot tracking and matched Brent–WTI calculations | It is a published spot series, not necessarily a live intraday quote |
| EIA weekly, monthly or annual table | Period prices calculated from daily closing spot prices | Slower trend analysis and period-average spreads | The EIA describes these as unweighted averages; compare like-for-like periods |
| ICE Brent Index | An average of prevailing North Sea cash or forward-market trading for the relevant delivery month, based on published full cargo-size trades and assessments | Understanding the Brent benchmark and its settlement reference | ICE says it is published after expiry of the front-month ICE Brent futures contract and used as the final cash settlement price; it is not every live Brent quote |
| CME NYMEX WTI futures | Exchange-traded contracts for specified delivery periods | Futures curves, hedging and contract-month analysis | The contracts are physically settled and closely connected to the spot market, but a futures price is not the same observation as an EIA spot price |
When moving between these sources, write the label in full. “October 2026 Brent futures” and “Brent spot, October 2026 average” are different statements even though both contain the word Brent.
How Brent and WTI relate—and why the prices differ
Different physical locations
WTI is tied to Cushing, Oklahoma, while the EIA Brent series is tied to Europe. Oil is not frictionlessly interchangeable across locations. Pipeline access, storage availability, tanker rates, export routes and regional disruptions can make one location more expensive than the other.
Different benchmark markets
Brent pricing reflects the North Sea-linked market represented in the Brent benchmark. WTI reflects the inland U.S. market around Cushing. Their trading participants, delivery networks and regional balances differ, so the relationship can widen or narrow.
Quality and refinery preferences
Crude grades differ in density and sulfur content. Refineries are configured for particular feedstocks, and the value of a barrel depends partly on the products it can yield and the cost of processing it. These characteristics contribute to price differences, although the spread itself does not isolate any single cause.
Market disruptions
Physical-flow interruptions can affect one benchmark more quickly than the other. The EIA’s October 2026 Short-Term Energy Outlook attributed a sharp September rise to attacks on oil infrastructure and tankers around the Middle East, including a temporary halt to flows on Saudi Arabia’s East-West pipeline. Such events can move Brent, WTI or both, and the effect can change as shipping and supply routes adjust.
Currency and unit checks
The EIA values in this workflow are U.S. dollars per barrel. A chart in another currency or a quote expressed in a different unit must be converted before subtraction. Do not interpret a change caused by exchange rates as a change in the physical Brent–WTI relationship.
Spot prices, futures, indexes and settlement values
Spot price
A spot price describes a cash-market observation for oil available under the relevant market convention. The EIA daily series is the spot basis used in the official comparison above. It is suitable for historical analysis when you identify the observation date.
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A futures price belongs to an exchange-traded contract for delivery in a specified month. The front month can move differently from a later contract month because traders price storage, financing, expected supply and demand, and the risk of carrying the position. Always include the contract month when quoting a futures value.
Benchmark index or settlement
ICE describes its Brent Index as an average of prevailing North Sea cash or forward-market trading for the relevant delivery month. Only published full cargo-size trades and assessments are considered. ICE says the index is published after expiry of the front-month ICE Brent futures contract and serves as the final cash settlement price. That settlement reference should not be presented as an intraday spot quote.
Practical comparison rule
Compare spot with spot, futures with futures, and settlement with settlement. If you intentionally compare unlike measures—for example, an EIA spot value with a CME futures quote—state the mismatch and explain why it is being shown.
Reading dated market figures correctly
August 2026 example
The EIA reported an August 2026 Brent spot-price average of $91.08 per barrel and an August 2026 WTI spot-price average of $83.90 per barrel. Because both figures cover the same month and use the same spot-price basis, the implied August spread is $7.18 per barrel (Brent minus WTI).
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September 2026 volatility
The EIA’s October 2026 outlook said Brent averaged $114 per barrel in September 2026, $23 per barrel above August. It also reported a Brent daily spot price as high as $131 per barrel on September 15, 2026. These are dated observations associated with an unusually volatile period; they are not a permanent Brent price or a current quote.
Forecasts are not observations
The same October 2026 outlook forecast Brent to average $105 per barrel in the fourth quarter of 2026 and $84 per barrel in 2027. Those are forecasts based on inputs finalized October 1, 2026. The outlook stated that it did not account for additional market effects from the G7 announcement on October 2. Keep the forecast label and its date attached whenever you cite either number.
A repeatable tracking routine
For a quick daily check
- Open the EIA daily table and note its release date.
- Copy the latest Brent – Europe and WTI – Cushing, Oklahoma observations.
- Check that the dates match and that both values are dollars per barrel.
- Calculate Brent minus WTI and record the result with the date.
- Note any obvious gap between the observation date and the publication date.
For a weekly or monthly report
- Select the same week or calendar month for both benchmarks.
- Use EIA period values, or calculate both averages from the same daily dataset.
- State that the EIA period figures are unweighted averages of daily closing spot prices.
- Show the period spread and, if useful, the change from the preceding period.
- Separate observed averages from any forecast used for planning.
For an exchange-trading dashboard
- Identify whether the instrument is an ICE Brent contract, a CME NYMEX WTI contract or another product.
- Display the contract month, last-trade or settlement timestamp, time zone and quote-delay status.
- Do not mix a live or delayed futures quote into a spot-price chart without a clear visual label.
- When comparing contracts, align delivery months or explain the calendar mismatch.
Common tracking mistakes and fixes
Using “oil price” without a benchmark
Problem: A headline gives one number and leaves readers unable to tell whether it is Brent, WTI, a futures contract or an average.
Fix: Name the benchmark, location or exchange, price basis, date and unit in the same sentence.
Comparing unmatched dates
Problem: Brent is taken from the latest daily row while WTI is taken from a weekly or monthly row.
Fix: Filter both series to the same observation date or averaging period before subtracting.
Calling futures “spot”
Problem: An exchange quote is copied into a spot-price table.
Fix: Preserve the exchange label and contract month. Use the EIA spot series when the goal is an official historical spot comparison.
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Problem: Two “today” values may refer to different market closes or one may be delayed.
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Fix: Record the timestamp, time zone and whether the quote is delayed. If exact timing cannot be aligned, describe the comparison as approximate rather than implying simultaneity.
Treating a forecast as a current price
Problem: An outlook number is quoted without its forecast period.
Fix: Use words such as “forecast to average,” include the publication date and keep the forecast separate from observed daily or monthly prices.
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Problem: A historical premium is presented as a rule that Brent must always exceed WTI by the same amount.
Fix: Recalculate the spread for each matched observation and explain that regional market conditions can move it higher, lower or negative.
Choosing the right data view for your purpose
| Your question | Best starting point | Why |
|---|---|---|
| What were Brent and WTI on a specific historical date? | EIA daily spot table | Both benchmark series are presented on a common daily spot basis. |
| What was the average spread last month? | EIA monthly series or matched daily averages | The period and aggregation can be aligned; EIA period values use unweighted daily closing averages. |
| What is the market pricing for a future delivery month? | Relevant exchange futures data | Contract months and settlement conventions are explicit. |
| How is the Brent benchmark settled? | ICE Brent Index documentation | It explains the North Sea cash/forward inputs and final settlement role. |
| How are prices moving during the trading session? | An exchange or market-data display that states its timestamp and delay | Intraday information requires timing and quote-status disclosure. |
How to present a price comparison clearly
A reader should be able to reproduce your result. Use a sentence such as: “For August 2026, EIA spot-price averages were Brent at $91.08 per barrel and WTI at $83.90; Brent minus WTI was $7.18 per barrel.” That wording identifies the source series, period, units, basis and arithmetic in one place.
For a daily update, include the observation date rather than relying on the publication date. If the table’s latest row is not from the same calendar day as your article, say so. Prices and release dates are volatile enough that a current-price example should be checked again immediately before publication.
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What the Brent–WTI spread can—and cannot—be used for
- Useful: tracking the relative pricing of two major benchmarks over matched dates.
- Useful: identifying periods when regional supply, transport or geopolitical conditions affected one benchmark more strongly.
- Useful: comparing historical averages when the same unit and aggregation method are used.
- Not sufficient: estimating a refinery’s exact margin, because crude quality, product prices and operating costs are missing.
- Not sufficient: identifying a trade opportunity without contract specifications, financing, storage, transport and execution costs.
- Not sufficient: forecasting the next price move from one spread observation.
The most defensible interpretation is narrow: the spread tells you how the selected Brent and WTI price observations differed under the stated date and basis.
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