Prices for Canadian crude oil on the U.S. Gulf Coast plummeted after U.S. President Donald Trump announced that Venezuela would “transfer” up to 50 million barrels of oil to the United States and sell it 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.Data from Link Data Services shows that if the closing price for the day remains near this level, it would mark the largest discount since late 2023. In Alberta, Canada, the discount for heavy crude widened from $13.90 per barrel to $14.10 per barrel.