Canadian crude oil prices plummeted after US President Trump announced that Venezuela would "transfer" up to 50 million barrels of oil to the US for sale at market prices. According to data from Modern Commodities, Canadian Cold Lake crude (a type of crude similar to Venezuelan heavy crude) traded at a discount of $8.50 per barrel to the monthly average price of WTI crude on Wednesday, compared to a discount of $6.80 per barrel on Tuesday. Link Data Services data indicates that if the closing price that day approached this level, it would be the largest discount since the end of 2023. In Alberta, Canada, the discount for heavy crude widened from $13.90 per barrel to $14.10 per barrel.