Pricing
Provides an overview of historical North American oil and natural gas reference benchmark prices to track broader market trends. The price differential between the two benchmarks reflects transportation costs, regional supply and demand balances, and infrastructure constraints; and in the case of crude oil, quality.
Key Data Insights
Below you can find a series of interactive charts containing information about the pricing of Canada’s oil and natural gas sector.
Henry Hub v AECO
Since peaking at over US$9/MMBtu in August 2022, Henry Hub has faced persistent headwinds, including strong production growth, mild winters, and periods of LNG export constraints, which have kept the market structurally oversupplied. These headwinds weighed on prices from 2023-2024, but Henry Hub improved in 2025.
After nearly approaching C$10/GJ in mid-2022, AECO, in tandem with Henry Hub, has softened following warmer-than-average winters in 2022/2023 and 2023/2024 and increasing domestic supplies. North American natural gas prices are expected to continue to increase driven by increased demand from growth in LNG exports.
Pricing Data Sources:
- CAPP Statistics Handbook
- Oil Prices
- West Texas Intermediate (WTI) & Henry Hub
Canadian Association of Petroleum Producers (CAPP)
Government of Alberta
U.S. Energy Information Administration (EIA)
WCS vs. WTI
Western Canadian Select (WCS) is the leading heavy oil benchmark in North America, produced exclusively in Western Canada. West Texas Intermediate (WTI) is a light, sweet crude oil benchmark and one of the primary global benchmarks, sourced from the United States. WCS typically trades at a discount to WTI due to quality differences, high transportation costs, and limited direct tidewater access.
Pipeline capacity constraints in Western Canada have historically widened the WCS–WTI differential, sometimes exceeding US$20 per barrel. Tidewater access through the Trans Mountain Expansion Project (TMEP), operational since May 2024, has narrowed the differential by about US$3 per barrel.
Pricing Data Sources:
- CAPP Statistics Handbook
- Oil Prices
- West Texas Intermediate (WTI) & Henry Hub
Canadian Association of Petroleum Producers (CAPP)
Government of Alberta
U.S. Energy Information Administration (EIA)
Data Books
Below you can find a in-depth research reports about Canada’s oil and natural gas sector. All data is available for reproduction and distribution with appropriate citations of the Canadian Association of Petroleum Producers.
Download the Understanding the WCS-WTI Differential report here:
Download the Crude Oil Market Fundamentals report here:
Download the Natural Gas Market Fundamentals report here: