Two oil prices can move in the same direction while the difference between them grows. The Brent–WTI spread measures that difference in dollars per barrel. It starts with two comparable observations and subtracts WTI from Brent.
Start with a matching pair
In the EIA monthly spot series for September 2026, Europe Brent averaged $114.16 per barrel and Cushing WTI averaged $97.31. Subtracting the second from the first gives $16.85 per barrel. A positive figure means Brent is higher. A negative figure means WTI is higher.
The monthly figures summarize daily spot observations. If one number is a futures quote and the other is a monthly spot average, their difference combines different time periods and pricing conventions.
Read the spread alongside both prices
Imagine Brent moves from $80 to $82 while WTI falls from $76 to $75. The spread widens from $4 to $7 even though only one benchmark rises. The same $7 spread could also occur at $70 and $63. Use the two benchmark prices to understand the level, then the spread to understand the difference.
Try the same inputs
Open the Brent–WTI Spread Calculator and enter 114.16 and 97.31. Then lower Brent alone by $2 and note how the spread changes. In the historical chart, compare the same dates in price and spread view.
Sources: EIA Europe Brent monthly spot series and EIA Cushing WTI monthly spot series.