Fuel Focus, August 23, 2013

Table of Contents


National Overview

After a Four-Week Decline, Canadian Pump Prices Increased 2 Cents per Litre from Last Week

For the week ending August 20, 2013, the average Canadian retail gasoline price was $1.32 per litre. This is an increase of 2 cents per litre from the previous week and an increase of 2 cents per litre from a year ago.

Diesel fuel prices remained unchanged at $1.25 per litre from the previous week. This is a decrease of nearly 1 cent per litre compared to the same period last year. Furnace oil prices rose from the previous week by 1 cent to $1.19 per litre, and are 2 cents per litre higher compared to the same period last year.

Average retail pump prices across Canada moved upward on higher wholesale gasoline prices and increased crude oil prices.

Figure 1: Crude Oil and Regular Gasoline Price Comparison
(National Average)

Crude Oil and Regular Gasoline Price Comparison (National Average)
Text version - Figure 1

The graph shows prices in cents per litre for gasoline at retail, gasoline excluding taxes, and Edmonton Par and Brent crude oil prices. Gasoline prices ended the period of August 20, 2013 at 132.0 cents per litre, excluding taxes at 92.2 cents per litre, Edmonton Par at 66.4 cents per litre and Brent at 71.3 cents per litre.

Dates Gasoline at retail Excluding Taxes Edmonton Par crude Brent crude
03/01/2012 120.6 82.7 60.5 69.6
10/01/2012 122.9 84.4 61.7 72.1
17/01/2012 123.0 84.4 61.8 71.8
24/01/2012 123.3 84.8 61.0 70.4
31/01/2012 124.7 86.0 59.7 69.7
07/02/2012 122.7 84.2 56.1 70.2
14/02/2012 126.7 87.8 57.1 73.6
21/02/2012 127.0 88.1 58.9 75.1
28/02/2012 131.7 92.4 62.6 73.4
06/03/2012 127.3 88.5 65.6 77.5
13/03/2012 131.0 91.8 54.9 77.9
20/03/2012 132.8 93.4 51.6 78.2
27/03/2012 132.7 93.3 51.7 78.1
03/04/2012 135.1 95.2 48.9 78.3
10/04/2012 136.4 96.4 50.8 77.5
17/04/2012 136.7 96.7 52.9 76.2
24/04/2012 132.0 92.6 53.4 73.9
01/05/2012 131.9 92.4 54.4 73.9
08/05/2012 129.5 90.3 58.1 73.0
15/05/2012 130.3 91.0 56.2 70.7
22/05/2012 128.5 89.4 54.2 70.2
29/05/2012 129.3 90.1 53.0 69.9
05/06/2012 126.8 88.0 50.0 66.8
12/06/2012 126.7 87.9 51.9 64.7
19/06/2012 126.8 87.9 52.1 62.6
26/06/2012 123.7 85.2 50.3 59.5
03/07/2012 123.1 84.5 50.3 60.0
10/07/2012 126.0 87.1 48.8 63.1
17/07/2012 128.0 88.8 46.0 64.3
24/07/2012 129.2 89.9 48.0 67.7
31/07/2012 127.3 88.2 47.6 67.4
07/08/2012 129.7 90.3 48.5 67.5
14/08/2012 131.0 91.2 53.6 70.3
21/08/2012 130.3 90.5 55.1 71.8
28/08/2012 130.7 90.9 56.9 72.1
04/09/2012 130.9 91.1 55.9 70.8
11/09/2012 132.2 92.2 57.3 70.4
18/09/2012 134.6 94.4 59.0 71.0
25/09/2012 128.9 89.4 56.7 68.6
02/10/2012 132.8 92.8 55.3 69.1
09/10/2012 133.0 93.0 57.2 68.6
16/10/2012 130.1 90.4 58.7 70.3
23/10/2012 124.3 85.3 59.6 70.5
30/10/2012 123.5 84.5 56.6 68.5
06/11/2012 121.6 82.7 57.0 68.3
13/11/2012 122.5 83.5 53.5 68.0
20/11/2012 122.2 83.2 52.7 68.6
27/11/2012 122.6 83.5 53.8 69.7
04/12/2012 120.9 81.9 54.2 69.0
11/12/2012 117.3 78.7 49.4 67.8
18/12/2012 117.7 79.5 44.1 67.1
25/12/2012 119.0 80.3 44.8 67.7
01/01/2013 118.9 80.4 46.6 69.3
08/01/2013 120.6 81.9 49.4 69.5
15/01/2013 118.9 80.3 53.7 69.2
22/01/2013 119.7 81.1 55.2 68.7
29/01/2013 123.3 84.3 56.6 70.7
05/02/2013 129.2 89.7 61.9 72.5
12/02/2013 127.7 88.4 54.8 73.5
19/02/2013 130.5 90.9 55.3 74.6
26/02/2013 131.2 91.6 54.7 67.1
05/03/2013 131.2 91.6 51.8 72.5
12/03/2013 129.9 90.4 54.2 71.8
19/03/2013 130.1 90.7 56.7 70.6
23/04/2013 125.1 85.9 54.8 64.4
30/04/2013 126.3 87.0 55.8 65.5
07/05/2013 126.0 86.7 61.4 65.1
14/05/2013 129.3 89.8 59.1 66.1
21/05/2013 131.4 91.8 58.8 66.1
28/05/2013 132.9 93.2 60.0 66.9
04/06/2013 131.1 91.5 58.1 66.6
11/06/2013 132.9 93.2 57.8 66.8
18/06/2013 133.1 93.3 57.0 66.8
25/06/2013 130.5 91.0 58.0 67.4
02/07/2013 128.3 88.9 59.0 67.2
09/07/2013 132.4 92.6 63.1 69.6
16/07/2013 134.4 94.3 66.6 71.2
23/07/2013 134.7 94.6 68.7 71.1
30/07/2013 132.7 92.8 67.9 69.8
06/08/2013 131.5 91.7 64.1 70.1
13/08/2013 130.0 90.3 65.6 70.3
20/08/2013 132.0 92.2 66.4 71.3

Figure 2: Weekly Regular Gasoline Prices

Weekly Regular Gasoline Prices
Text version - Figure 2

This graph shows the gasoline price trends from 2011 to 2013.

   2011    2012   2013
Gasoline at Retail Gasoline at Retail Gasoline at Retail
11-01-04 113.30 12-01-03 120.60 13-01-01 118.90
11-01-11 113.10 12-01-10 122.90 13-01-08 120.60
11-01-18 115.60 12-01-17 123.00 13-01-15 118.90
11-01-25 114.90 12-01-24 123.30 13-01-22 119.70
11-02-01 113.70 12-01-31 124.70 13-01-29 123.30
11-02-08 112.90 12-02-07 122.70 13-02-05 129.20
11-02-15 114.60 12-02-14 126.70 13-02-12 127.70
11-02-22 115.10 12-02-21 127.00 13-02-19 130.50
11-03-01 120.60 12-02-28 131.70 13-02-26 131.20
11-03-08 124.50 12-03-06 127.30 13-03-05 131.20
11-03-15 123.50 12-03-13 131.00 13-03-12 129.90
11-03-22 121.80 12-03-20 132.80 13-03-19 130.10
11-03-29 125.40 12-03-27 132.70 13-03-26 129.40
11-04-05 127.70 12-04-03 135.10 13-04-02 128.70
11-04-12 129.70 12-04-10 136.40 13-04-09 126.50
11-04-19 133.40 12-04-17 136.70 13-04-16 125.00
11-04-26 133.90 12-04-24 132.00 13-04-23 125.10
11-05-03 135.70 12-05-01 131.90 13-04-30 126.30
11-05-10 135.40 12-05-08 129.50 13-05-07 126.00
11-05-17 130.90 12-05-15 130.30 13-05-14 129.30
11-05-24 127.20 12-05-22 128.50 13-05-21 131.40
11-05-31 129.90 12-05-29 129.30 13-05-28 132.90
11-06-07 127.60 12-06-05 126.80 13-06-04 131.10
11-06-14 127.30 12-06-12 126.70 13-06-11 132.90
11-06-21 126.60 12-06-19 126.80 13-06-18 133.10
11-06-28 124.50 12-06-26 123.70 13-06-25 130.50
11-07-05 125.80 12-07-03 123.10 13-07-02 128.30
11-07-12 127.90 12-07-10 126.00 13-07-09 132.40
11-07-19 128.40 12-07-17 128.00 13-07-16 134.40
11-07-26 128.10 12-07-24 129.20 13-07-23 134.70
11-08-02 128.40 12-07-31 127.30 13-07-30 132.70
11-08-09 125.50 12-08-07 129.70 13-08-06 131.50
11-08-16 126.40 12-08-14 131.00 13-08-13 130.00
11-08-23 126.00 12-08-21 130.30 13-08-20 132.00
11-08-30 128.00 12-08-28 130.60 13-08-27  
11-09-06 128.60 12-09-04 130.90 13-09-03  
11-09-13 127.20 12-09-11 132.20 13-09-10  
11-09-20 124.90 12-09-18 134.60 13-09-17  
11-09-27 123.90 12-09-25 128.90 13-09-24  
11-10-04 123.40 12-10-02 132.80 13-10-01  
11-10-11 125.60 12-10-09 133.00 13-10-08  
11-10-18 126.40 12-10-16 130.10 13-10-15  
11-10-25 124.00 12-10-23 124.30 13-10-22  
11-11-01 121.90 12-10-30 123.50 13-10-29  
11-11-08 124.70 12-11-06 121.60 13-11-05  
11-11-15 123.00 12-11-13 122.50 13-11-12  
11-11-22 120.20 12-11-20 122.20 13-11-19  
11-11-29 119.20 12-11-27 122.60 13-11-26  
11-12-06 120.50 12-12-04 120.90 13-12-03  
11-12-13 118.30 12-12-11 117.30 13-12-10  
11-12-20 116.20 12-12-18 117.70 13-12-17  
11-12-27 119.00 12-12-25 119.00 13-12-24  
        13-12-31  
Table 1: Changes in Fuel Prices
¢/L Week of:
2013-08-20
Change from:
Previous Week
Change from:
Last Year
Gasoline 132.0 +2.0 +1.7
Diesel 125.4 0.0 -0.5
Furnace Oil 118.7 +0.6 +2.0

Source: NRCan

Table 2: Natural Gas Prices for Vehicles
2013-08-20 ¢/kilogram ¢/L gasoline
equivalent
¢/L diesel
equivalent
Vancouver 119.4 78.8 81.7
Edmonton 115.1 75.9 78.7
Toronto 110.6 73.0 75.6

Source: ¢/kg Kent Marketing Services Limited

Recent Developments

  • U.S. Crude Oil Inventory Fall: According to the U.S. Energy Information Administration, oil stocks at the Cushing storage hub in the U.S. Midwest are at a 17-month low. Inventories at Cushing, the delivery point for U.S. benchmark crude oil futures, have been falling as reduced pipeline constraints have helped move larger supplies of crude to refineries that have been working at high capacity rates. (Source: Daily Oil Bulletin)
  • IEA Oil Market Report for August: According to the International Energy Agency (IEA), global oil demand growth is expected to accelerate in 2014 to 1.1 million barrels per day (mb/d), compared to 0.9 mb/d in 2013. The forecast of demand growth for 2014 has been trimmed by 0.1 mb/d on reduced GDP expectations from the International Monetary Fund, while that for 2013 is largely unchanged. (Source: IEA)
  • Where Will the Bulk of Oil Demand Growth Come From? In the next five years, almost half of global oil demand growth will come from China, and this trend is set to continue to 2035, as oil demand from the transportation sector is growing strongly in countries such as China and India. In contrast, oil demand among OECD countries is expected to decline over the next two decades, driven mostly by government policies on fuel efficiency and the fact that rates of vehicle ownership are already high. (Source: IEA FAQ’s)

Retail Gasoline Overview

The average Canadian pump price in selected cities for the four-week average ending August 20, 2013, was $1.32 per litre, a decrease of 2 cents per litre from the last report on August 9, 2013. This represents a 2 cent-per-litre increase compared to the same period in 2012.

The four-week average crude oil price decreased by less than 1 cent per litre to 68 cents per litre compared to two weeks ago. This represents a 9 cent-per-litre increase compared to the same time last year.

Retail gasoline prices in most western centres—Vancouver to Winnipeg—decreased by less than 2 cents per litre when compared to the previous report and ranged from $1.16 to $1.46 per litre. Prices in eastern cities—Toronto to St. John’s—declined by 1 cent per litre and ranged from $1.30 to $1.40 cents per litre.

At the national level, refining and marketing costs and margins decreased 1 cent per litre to 24 cents per litre. This represents a decrease of 8 cents per litre compared to the same time last year.

Figure 3: Regular Gasoline Pump Prices in Selected Cities
Four-Week Average (July 16 to August 6, 2013)

Regular Gasoline Pump Prices in Selected Cities Four-Week Average (January 1 to 22, 2013)
Text version - Figure 3

This graph shows the gasoline price components for 2 territories and 10 cities plus the national average,

  Whitehorse Yellowknife Vancouver Calgary Regina Winnipeg Toronto Montreal* Saint John* Halifax* Charlottetown* St, John's* Canada
Pump Price 141.4 140.2 145.5 115.5 123.6 129.8 130.2 140.4 131.2 135.3 136.3 133.6 131.6
Crude (est,) 66.0 66.0 66.0 66.0 66.0 66.0 66.0 70.4 70.4 70.4 70.4 70.4 67.8
Federal Taxes 16.7 16.7 10.0 15.5 15.9 16.2 10.0 16.1 10.0 10.0 10.0 10.0 15.9
Provincial Tax 6.2 10.7 32.2 9.0 15.0 14.0 14.7 34.4 13.6 15.5 13.1 16.5 23.8
HST     6.9       15.0   15.1 17.6 16.7 15.4  
Refining & Marketing Costs & Margins 52.5 46.8 30.4 25.0 26.7 33.6 24.5 19.5 22.1 21.7 26.0 21.4 24.1

Source: NRCan
* Regulated Markets

The Cost Component of a Litre of Gasoline

According to the latest data in Figure 3 above, approximately 52% of the cost of a litre of gasoline is due to the cost of crude oil. Refining and marketing costs and margins, plus taxes accounts for the remainder. The following explains the breakdown of these costs and will hopefully shed some light on the pricing mechanism of this commodity. Gasoline prices are a mix of different costs such as: the cost of crude oil, the refining margins, the marketing and retail costs and the provincial, municipal and federal taxes. The primary source for gasoline is crude oil bought by Canadian refiners on the world market. Canadian refiners have no discretion and must compete with refiners in other countries and pay the going price.

The next step in the transformation process is to refine the crude oil. Refineries require different processes and make different amounts of gasoline depending on the kind of crude oil originally fed into the system. The gasoline sold to consumers must meet more than a dozen different quality standards to ensure that it is safe to handle and will work properly in your car. To cover their costs and make a profit, refiners apply a margin defined as the difference between the cost of crude oil and the price at which the refiner can sell the gasoline. The margin covers the refining costs and a profit for the refiner. Once the gasoline is produced, it must be stored in tanks until it is sold and delivered to consumers. Retail and marketing costs average about 7 cents per litre and are added to the price of gasoline.

Wholesale Gasoline Prices

Wholesale gasoline prices increased in all ten selected centres for the week ending August 15, 2013, compared to the previous week. Overall, prices ranged from less than 1 cent per litre to 4 cents per litre.

In the eastern markets of Canada and United States, wholesale gasoline prices, compared to the previous week, registered increases ranging from 2 to 4 cents per litre. Prices for the period ended in the 81 to 84 cent-per-litre range.

Western wholesale gasoline prices ended in the range of 77 to 89 cents per litre, with increases in the range of less than 1 cent to 3 cents per litre.

Kinder Morgan’s Trans Mountain pipeline supplies over 90% of the gasoline used in the British Columbia Lower Mainland from Western Canada. This gasoline comes from Edmonton refineries. The limited capacity of the Trans Mountain pipeline means that the supply / demand balance in the Lower Mainland is tighter than that in Seattle. This has been cited by some observers as the reason for the wholesale gasoline price gap between Vancouver and Seattle.

Text version - Figure 4

This graph shows the trend in wholesale gasoline prices for selected centres in Canada and the U.S.

DATE Halifax Braintree Montreal Rochester Toronto Buffalo Edmonton Grand Forks Vancouver Seattle
Thu 05-Jan-12 78.30 75.98 81.60 75.96 78.50 78.12 72.80 70.73 78.90 76.05
Thu 12-Jan-12 78.00 76.93 81.40 76.17 77.20 76.78 73.00 70.78 77.30 74.34
Thu 19-Jan-12 79.00 77.11 82.60 76.67 78.40 77.87 72.70 71.87 77.90 72.89
Thu 26-Jan-12 79.40 76.87 82.30 76.65 78.20 76.77 71.50 72.13 75.70 70.92
Thu 02-Feb-12 80.10 78.57 82.50 77.46 78.50 77.55 73.20 74.13 75.00 71.02
Thu 09-Feb-12 81.80 80.57 83.80 80.07 80.40 79.83 74.80 77.38 75.20 73.88
hu 16-Feb-12 82.70 81.17 84.60 80.70 81.10 80.53 75.20 78.68 79.10 80.62
Thu 23-Feb-12 84.20 83.12 84.50 83.26 83.30 82.83 78.30 81.53 86.30 87.84
Thu 01-Mar-12 83.00 82.67 82.10 83.10 81.20 80.92 77.20 81.51 83.70 83.24
Thu 08-Mar-12 83.20 81.93 83.40 82.01 82.20 79.67 79.00 84.37 84.20 86.03
Thu 15-Mar-12 85.30 81.51 85.40 81.64 84.60 83.41 81.40 85.85 89.10 84.33
Thu 22-Mar-12 87.30 83.23 86.30 83.69 86.10 85.62 82.00 87.65 90.50 88.72
Thu 9-Mar-12 89.60 85.57 89.40 85.29 88.10 86.11 82.30 88.42 91.10 89.74
Thu 05-Apr-12 91.80 85.57 91.00 86.50 90.90 88.65 83.50 86.17 88.00 86.61
Thu 2-Apr-12 88.90 86.73 89.00 86.24 89.60 87.79 82.50 85.65 87.50 85.43
Thu 19-Apr-12 85.80 82.15 85.40 81.69 86.00 83.66 80.10 80.61 85.20 84.31
Thu 26-Apr-12 83.30 82.09 83.90 81.75 84.00 82.15 79.60 81.72 84.40 84.04
Thu 03-May-12 81.50 82.57 84.00 79.72 83.80 80.81 79.90 78.77 86.00 88.50
Thu 10-May-12 81.20 83.82 83.10 80.79 83.80 81.50 79.40 79.14 91.40 97.78
Thu 17-May-12 79.10 85.05 80.60 78.79 81.50 81.63 78.50 77.97 89.20 95.59
Thu 24-May-12 79.90 85.98 82.80 78.04 82.20 80.07 78.60 78.09 89.10 97.99
Thu 31-May-12 79.30 86.07 80.90 76.24 80.80 79.07 80.80 76.64 91.60 94.29
Thu 07-Jun-12 75.90 85.72 78.70 74.45 78.40 76.04 80.50 77.57 88.60 76.45
Thu 14-Jun-12 75.00 75.71 76.30 74.07 77.10 74.98 80.80 82.24 87.00 69.43
Thu 21-Jun-12 70.90 73.99 74.20 71.22 74.80 73.12 81.40 74.20 83.60 67.29
Thu 28-Jun-12 71.10 73.37 74.30 70.57 76.80 71.79 79.20 70.40 83.30 70.25
Thu 05-Jul-12 74.00 76.84 77.10 74.49 77.70 74.13 76.50 76.50 82.30 73.89
Thu 12-Jul-12 77.00 79.06 79.90 75.64 79.70 77.17 78.90 77.33 82.00 75.98
Thu 19-Jul-12 78.70 80.51 81.90 77.65 82.80 78.00 79.80 79.34 82.50 79.29
Thu 26-Jul-12 74.10 78.00 78.20 75.33 79.30 73.91 79.50 75.41 79.70 74.08
Thu 02-Aug-12 77.50 81.71 81.50 77.89 81.70 78.15 79.90 80.06 81.00 78.57
Thu 09-Aug-12 81.80 82.28 85.00 80.00 85.20 80.22 81.90 80.55 82.50 84.38
Thu 16-Aug-12 82.10 82.18 84.50 80.04 85.60 82.22 83.80 81.19 83.80 86.04
Thu 23-Aug-12 82.50 82.70 85.10 80.56 84.90 82.09 82.40 83.57 82.50 83.89
Thu 30-Aug-12 85.60 82.23 85.50 81.71 85.20 84.70 83.10 83.91 80.50 83.35
Thu 06-Sep-12 86.00 82.67 84.60 81.65 84.30 84.61 82.40 86.24 79.70 83.15
Thu 13-Sep-12 90.80 83.28 88.60 81.81 88.60 87.08 86.50 85.28 79.50 78.61
Thu 20-Sep-12 82.80 84.03 80.80 79.82 80.50 81.33 83.60 85.93 77.30 79.04
Thu 27-Sep-12 87.70 84.38 88.40 84.06 85.30 85.30 86.30 83.65 80.70 85.58
Thu 04-Oct-12 87.30 84.45

 85.40

83.55 84.20 88.22

 85.00

81.73 85.90 88.43
Thu 11-Oct-12

 86.00

84.10

 87.00

81.16 86.50 83.98

 85.40

78.69 90.60 81.35
Thu 18-Oct-12 77.80 84.33 77.70 76.05 77.20 79.28 76.60 73.80 78.50 71.33
Thu 25-Oct-12 73.00 85.48 73.80 74.24 72.70 74.59 72.10 71.37 72.10 66.33
Thu 01-Nov-12 76.30 85.75 78.10 76.16 77.40 79.83 72.60 71.19 71.60 65.42
Thu 08-Nov-12 76.80 85.86 77.60 75.63 77.40 79.93 69.90 70.30 71.10 67.09
Thu 15-Nov-12 80.10 78.06 81.20 76.45 80.60 87.66 70.90 71.58 72.80 67.68
Thu 22-Nov-12 77.20 76.48 79.20 75.80 78.90 83.00 72.50 71.84 72.80 67.14
Thu 29-Nov-12 76.70 76.01 78.30 76.51 77.50 82.63 72.10 70.37 71.30 68.68
Thu 06-Dec-12 73.10 71.08 74.60 73.05 74.40 80.37 70.10 67.40 71.40 62.39
Thu 13-Dec-12 72.10 70.22 74.90 71.94 73.90 77.52 67.70 64.43 70.50 65.70
Thu 20-Dec-12 75.40 74.02 76.90 74.59 76.40 79.11 66.10 68.86 73.30 69.53
Thu 27-Dec-12 75.80 76.29 77.10 76.52 76.80 78.58 66.70 67.97 74.00 71.30
Thu 03-Jan-13 77.50 75.42 78.60 75.82 77.50 77.31 65.40 66.07 75.50 68.79
Thu 10-Jan-13 76.70 74.48 77.40 75.49 76.90 77.88 63.40 66.67 72.40 65.77
Thu 17-Jan-13 74.80 73.73 75.40 74.81 75.00 74.96 62.40 69.13 70.90 65.72
Thu 13-Dec-12 72.10 70.22 74.90 71.94 73.90 77.52 67.70 64.43 70.50 65.70
Thu 24-Jan-13 79.00 78.00 79.00 78.15 78.30 78.93 66.80 75.06 73.50 70.59
Thu 31-Jan-13 84.10 81.70 84.70 81.81 83.50 80.51 72.50 78.85 83.40 79.19
Thu 07-Feb-13 84.60 80.98 85.10 81.47 83.20 83.16 73.10 80.16 84.00 78.87
Thu 14-Feb-13 84.50 83.61 84.20 84.35 83.20 83.55 78.10 86.03 83.30 79.18
Thu 21-Feb-13 86.70 83.01 85.90 84.51 85.40 87.44 79.70 85.90 86.00 82.60
Thu 28-Feb-13 82.80 80.41 81.90 83.34 81.90 83.14 80.50 83.70 86.20 81.99
Thu 07-Mar-13 84.10 80.00 83.60 82.22 83.30 84.09 81.00 82.56 86.90 80.15
Thu 14-Mar-13 84.60 81.52 84.00 83.10 83.90 85.12 81.70 82.24 85.40 78.61
Thu 21-Mar-13 84.10 80.55 84.50 81.59 84.80 84.95 81.80 81.66 82.10 75.28
Thu 28-Mar-13 82.00 79.08 81.50 80.79 82.60 84.24 80.20 82.51 83.80 79.62
Thu 04-Apr-13 79.40 73.32 79.50 77.54 80.60 84.10 77.40 78.17 80.20 77.14
Thu 11-Apr-13 77.30 73.36 78.90 75.92 79.80 83.84 75.90 75.52 81.50 76.23
Thu 18-Apr-13 74.70 75.92 76.30 76.28 77.10 75.04 74.90 76.41 78.50 74.77
Thu 25-Apr-13 74.80 77.01 75.90 76.42 76.70 75.40 76.80 78.08 79.00 77.56
Thu 02-May-13 73.50 76.65 74.50 75.00 75.00 75.38 78.80 79.70 82.00 83.51
Thu 09-May-13 75.10 76.22 77.60 77.03 78.50 77.88 83.90 87.57 90.80 87.15
Thu 16-May-13 78.10 77.25 81.50 78.21 80.90 80.54 89.30 101.10 92.50 85.64
Thu 23-May-13 78.60 78.37 80.50 78.09 81.30 79.53 94.20 86.80 90.30 78.24
Thu 30-May-13 78.40 78.36 79.80 77.90 81.40 78.43 92.60 82.64 87.60 73.33
Thu 06-Jun-13 78.70 78.91 80.50 78.17 81.60 78.16 92.40 83.64 86.60 76.00
Thu 13-Jun-13 77.80 78.32 78.90 77.45 80.60 76.84 90.20 79.79 86.00 77.78
Thu 20-Jun-13 80.10 78.00 81.00 76.50 82.00 79.30 86.20 76.78 88.10 79.78
Thu 27-Jun-13 77.80 76.96 78.10 76.22 79.40 76.41 82.40 75.29 85.70 77.93
Thu 04-Jul-13 79.80 78.53 81.30 77.56 81.80 76.93 82.70 77.19 88.70 80.47
Thu 11-Jul-13 84.60 84.52 86.30 82.08 85.80 82.51 85.00 83.36 93.40 87.07
Thu 18-Jul-13 87.10 86.48 87.80 82.88 87.80 84.45 86.70 85.15 93.90 82.94
Thu 25-Jul-15 84.40 81.63 84.80 79.09 85.40 81.21 84.10 82.55 89.90 79.53
Thu 01-Aug-13 83.20 83.68 84.00 80.06 84.10 81.93 82.00 84.32 89.50 79.81
Thu 08-Aug-13 82.30 79.58 82.20 76.89 82.60 78.85 81.10 78.95 87.00 75.45
Thu 15-Aug-13 84.20 83.01 84.40 80.94 84.20 81.32 81.20 82.30 88.50 76.76

Sources: NRCan, Bloomberg Oil Buyers Guide

Gasoline Refining and Marketing Margins

Four-week rolling averages are used for gasoline refining and marketing margins.

Gasoline refining margins exhibit similar patterns as the wholesale gasoline market, rising and falling closely with demand. The gradual decreases indicate that crude oil prices have been increasing faster than wholesale prices. The downward slope in refining margins corresponds to sufficient gasoline supplies and the relative stability in world crude oil markets.

Marketing margins are usually very stable across the selected centres. It is the difference between the pump price (excluding taxes) and the acquisition costs of the fuel by the retailer and represents the smallest component of the retail price of gasoline at the pump.

In general, both refining and marketing margins are influenced by specific market conditions, mainly due to changes in product supply and demand balances.

Text version - Figure 5

These graphs show the trend in refining and marketing costs and margins for selected centres in Canada and the national average.

 4-week rolling average Canada Vancouver Calgary Toronto Montreal Halifax
Marketing Margin Refining Margin Marketing Margin Refining Margin Marketing Margin Refining Margin Marketing Margin Refining Margin Marketing Margin Refining Margin Marketing Margin Refining Margin
2011-01-04 6.8 12.7 8.0 14.4 7.5 16.6 7.1 14.4 4.1 11.0 7.4 9.0
2011-01-11 6.8 13.2 7.6 14.8 8.1 17.5 7.0 15.4 2.9 11.1 6.9 8.8
2011-01-18 6.6 13.7 7.9 15.1 7.7 18.7 7.1 16.0 4.3 11.1 7.2 8.7
2011-01-25 6.9 14.1 8.2 15.6 7.8 19.2 7.0 16.1 6.7 10.3 7.7 7.9
2011-02-01 7.6 14.0 8.3 14.5 6.9 18.2 7.0 15.0 6.0 9.7 7.1 7.2
2011-02-08 7.3 13.1 8.6 15.1 6.9 18.7 7.0 15.3 5.9 9.0 7.3 6.4
2011-02-15 7.4 13.1 8.3 17.0 7.1 19.9 7.0 16.7 4.5 8.2 7.2 5.9
2011-02-22 7.2 13.6 7.9 17.7 6.7 20.1 7.0 17.2 2.1 7.2 6.6 4.9
2011-03-01 6.5 13.5 8.1 18.9 6.8 21.3 7.0 18.3 4.1 6.3 6.7 4.3
2011-03-08 6.9 13.8 8.3 18.3 6.8 21.2 7.0 17.8 5.9 6.8 6.4 4.9
2011-03-15 7.2 13.8 8.6 17.3 7.6 20.4 7.0 16.1 7.7 6.9 6.9 5.3
2011-03-22 7.7 13.1 8.4 17.0 7.8 19.3 7.0 15.0 7.6 7.7 7.0 6.4
2011-03-29 7.7 12.8 8.3 17.9 7.7 19.2 7.0 14.8 8.4 8.7 7.5 7.5
2011-04-05 7.8 13.2 8.1 17.4 6.1 18.2 7.0 14.2 7.8 8.8 7.0 7.9
2011-04-12 7.4 12.8 8.5 15.5 5.7 16.7 7.1 12.8 8.1 8.9 6.9 8.0
2011-04-19 7.4 11.9 8.9 14.4 4.9 17.0 7.1 13.9 10.4 9.6 6.6 8.8
2011-04-26 7.7 12.6 8.6 12.2 4.6 15.9 7.1 13.9 10.2 10.1 6.6 9.2
2011-05-03 7.6 12.5 8.9 12.9 6.6 17.0 7.0 16.0 10.1 11.6 7.2 10.9
2011-05-10 8.0 14.2 7.5 16.6 5.8 20.5 7.0 20.5 7.8 14.2 7.6 12.5
2011-05-17 7.3 17.8 8.3 18.3 8.1 22.1 7.0 21.4 7.7 14.1 9.3 12.2
2011-05-24 8.0 18.5 8.3 21.5 9.1 25.0 6.9 23.3 5.8 13.4 9.5 10.9
2011-05-31 7.9 19.7 8.1 22.6 7.8 26.1 7.0 23.5 5.3 12.3 8.5 9.2
2011-06-07 7.6 19.7 9.3 20.3 9.6 23.1 7.0 21.0 5.8 9.6 8.2 6.9
2011-06-14 8.3 17.0 8.4 20.3 7.8 22.3 7.0 20.9 4.6 9.0 6.8 6.3
2011-06-21 7.5 16.5 8.6 20.3 8.2 20.9 7.1 20.7 5.9 9.4 7.0 7.0
2011-06-28 7.8 16.3 8.3 20.5 9.9 19.0 7.0 20.3 6.6 8.5 8.4 6.3
2011-07-05 8.4 15.5 8.5 20.8 9.4 19.6 7.1 21.0 6.7 8.7 7.9 6.1
2011-07-12 8.2 15.9 8.3 20.6 9.5 20.2 7.1 21.6 6.8 9.7 7.2 6.7
2011-07-19 8.1 16.4 8.2 19.8 8.8 21.0 7.0 22.2 6.1 10.3 6.9 7.3
2011-07-26 7.6 16.9 8.1 19.7 7.7 22.5 7.1 23.0 5.3 11.4 6.7 8.5
2011-08-02 7.2 17.8 7.7 20.5 7.7 23.9 6.9 24.1 5.4 12.7 7.2 10.1
2011-08-09 7.1 18.9 7.5 22.0 9.3 24.1 6.9 24.5 7.1 12.4 9.2 10.0
2011-08-16 7.8 19.1 6.8 23.4 9.4 24.4 6.8 25.3 7.3 12.5 7.9 10.0
2011-08-23 7.8 19.6 6.5 24.5 8.7 25.5 6.8 25.8 7.6 12.3 7.6 9.7
2011-08-30 7.7 20.1 6.6 24.8 8.3 25.3 6.9 25.2 6.6 11.9 7.2 9.1
2011-09-06 7.5 19.7 6.5 24.6 6.4 25.8 6.9 25.2 4.4 12.0 5.8 9.4
2011-09-13 6.7 19.9 6.8 24.4 6.2 25.5 7.0 24.0 4.4 11.2 7.8 8.9
2011-09-20 6.8 19.2 7.2 25.1 7.5 24.1 6.9 22.7 4.7 10.5 8.1 8.3
2011-09-27 7.3 18.2 6.8 27.8 7.2 24.7 6.9 23.4 6.5 9.4 8.5 7.4
2011-10-04 7.6 18.4 7.0 29.0 6.9 24.2 6.9 22.7 7.8 9.0 8.2 6.7
2011-10-11 8.0 17.9 6.7 29.5 6.8 24.0 6.9 21.9 7.4 8.9 6.6 6.5
2011-10-18 7.7 17.6 7.0 29.0 6.7 23.5 6.9 21.5 6.8 9.3 6.5 6.9
2011-10-25 7.5 17.4 7.2 26.5 7.4 21.1 6.8 18.6 5.6 9.1 7.1 7.0
2011-11-01 7.4 15.7 7.3 23.8 7.7 19.0 6.8 16.6 4.9 8.6 7.7 6.4
2011-11-08 7.4 14.2 7.2 22.4 7.0 17.8 6.4 15.8 5.6 8.3 7.9 6.0
2011-11-15 7.3 13.4 7.5 19.5 7.2 15.0 7.0 13.1 7.2 7.1 8.4 4.8
2011-11-22 7.4 11.2 7.4 16.7 6.9 12.8 6.9 11.8 8.2 6.5 8.3 3.8
2011-11-29 7.0 10.1 6.6 14.6 6.6 10.7 6.8 10.6 8.2 6.3 7.6 3.4
2011-12-06 7.1 8.9 6.9 12.3 6.7 9.2 7.2 9.3 8.8 6.1 7.5 3.3
2011-12-13 7.3 7.6 6.2 12.2 6.0 10.1 6.6 10.3 6.7 6.7 6.8 3.7
2011-12-20 6.8 8.0 6.2 12.4 4.6 11.5 6.8 11.0 5.3 6.7 6.7 4.0
2011-12-27 6.4 9.1 6.8 14.0 4.3 13.5 7.0 12.6 3.7 7.3 6.5 4.8
2012-01-03 6.1 10.4 6.9 14.1 4.6 13.9 6.9 13.0 1.9 7.1 7.3 4.4
2012-01-10 6.1 11.3 6.4 14.9 3.0 14.2 6.7 13.8 3.7 7.5 7.1 5.0
2012-01-17 6.5 11.8 6.4 15.4 4.0 14.1 6.9 14.5 5.1 8.7 7.2 6.0
2012-01-24 7.3 11.5 6.3 15.1 5.0 13.6 7.0 14.9 7.5 9.1 8.3 6.5
2012-01-31 7.6 12.3 6.7 16.6 5.0 15.0 7.4 17.3 8.0 10.6 8.2 8.1
2012-02-07 7.2 13.6 6.8 16.6 5.2 16.5 7.4 18.9 6.2 10.6 8.4 8.2
2012-02-14 7.0 15.2 6.8 17.4 4.8 17.9 7.3 20.8 6.1 10.3 7.8 8.4
2012-02-21 6.6 16.2 6.9 18.5 3.9 18.6 7.5 21.4 5.1 10.1 7.9 8.7
2012-02-28 6.8 16.9 6.8 19.3 3.9 17.7 7.3 20.3 6.5 8.8 8.0 8.2
2012-03-06 7.1 15.4 7.2 22.2 4.9 18.9 7.3 21.6 6.7 7.7 8.1 7.9
2012-03-13 7.3 16.2 7.5 26.6 5.6 22.4 7.4 23.8 6.9 6.9 8.4 7.6
2012-03-20 7.5 18.1 7.5 31.2 6.0 26.7 7.2 27.6 7.8 6.4 8.0 7.3
2012-03-27 6.9 20.1 7.1 36.2 5.6 31.9 6.9 32.5 6.3 6.9 8.0 7.7
2012-04-03 6.8 24.3 6.8 39.0 4.8 34.7 6.7 35.3 7.8 8.7 7.6 9.6
2012-04-10 7.1 25.8 7.1 38.3 5.8 34.4 6.8 36.2 7.4 10.4 8.4 11.4
2012-04-17 7.5 26.2 7.5 37.4 7.2 33.9 7.0 36.6 6.9 12.1 8.8 13.1
2012-04-24 8.0 25.7 7.4 34.4 9.0 31.8 6.7 34.9 7.6 12.4 10.0 13.3
2012-05-01 9.3 23.3 7.8 31.6 11.0 28.9 7.0 32.0 6.5 12.6 9.8 12.6
2012-05-08 8.7 21.7 7.2 31.0 10.5 27.3 6.9 29.5 6.6 12.0 9.8 11.3
2012-05-15 8.4 20.7 6.8 32.0 9.7 26.3 6.6 27.5 6.8 11.2 9.2 10.1
2012-05-22 8.0 20.6 7.0 33.2 8.6 26.3 7.0 27.0 5.9 11.4 7.8 9.7
2012-05-29 8.1 20.5 6.2 37.0 7.4 28.4 6.8 28.0 7.0 12.0 7.8 10.1
2012-06-05 8.0 21.8 6.1 38.6 7.1 30.0 6.5 28.5 6.3 13.2 7.6 10.9
2012-06-12 7.5 22.8 6.2 37.9 7.0 30.9 6.7 27.8 6.2 14.0 7.9 11.5
2012-06-19 7.8 23.3 6.7 38.0 6.3 32.5 6.7 27.5 8.0 15.3 8.3 12.9
2012-06-26 7.6 23.7 6.8 35.7 6.8 32.5 6.6 26.5 6.9 15.2 8.4 12.9
2012-07-03 7.3 23.7 7.0 34.9 6.5 33.0 6.1 27.0 6.6 14.8 7.3 12.1
2012-07-10 7.0 24.5 6.6 35.3 6.3 34.4 5.3 29.0 7.4 14.7 6.4 11.8
2012-07-17 6.6 25.8 5.9 34.9 7.0 34.0 4.9 30.9 6.3 14.0 6.2 10.7
2012-07-24 7.1 25.9 6.7 35.0 6.6 34.6 5.4 32.5 7.7 13.6 6.9 10.3
2012-07-31 7.6 26.1 6.6 34.3 6.2 34.6 5.8 33.3 9.0 13.4 7.5 10.4
2012-08-07 7.5 26.6 6.8 32.0 5.3 33.2 6.3 32.7 8.1 13.5 7.6 9.9
2012-08-14 7.6 25.4 7.1 30.2 5.5 32.4 6.7 31.2 8.2 13.0 8.4 9.3
2012-08-21 7.2 24.5 7.1 27.9 6.1 30.7 6.3 29.3 6.9 12.8 8.4 8.8
2012-08-28 6.5 23.9 7.1 26.4 6.0 30.0 5.8 28.8 5.8 13.6 8.2 9.9
2012-09-04 6.5 22.7 7.1 25.2 6.5 29.7 5.5 27.9 6.1 13.4 9.6 10.9
2012-09-11 5.6 23.3 7.0 23.6 5.3 29.3 4.8 28.3 4.2 15.9 8.4 13.5
2012-09-18 6.1 23.3 7.2 22.8 5.9 30.1 5.4 28.8 4.8 17.3 9.0 15.8
2012-09-25 6.5 22.9 7.0 22.3 6.2 30.4 5.7 27.6 5.4 16.4 8.8 16.4
2012-10-02 5.9 24.2 6.3 23.3 6.0 31.2 5.3 28.3 4.3 18.7 7.0 18.5
2012-10-09 6.6 23.8 5.7 25.6 6.9 31.1 5.4 27.5 6.1 17.4 8.4 17.9
2012-10-16 6.7 22.9 4.7 26.6 7.3 29.3 5.2 26.3 6.8 15.7 8.0 16.6
2012-10-23 7.5 20.4 5.1 24.4 9.1 25.9 5.5 23.7 7.2 14.0 9.3 14.3
2012-10-30 8.5 17.2 5.5 21.6 11.4 22.0 5.5 20.9 8.6 10.3 9.3 10.3
2012-11-06 8.3 14.8 5.1 18.7 12.4 20.3 5.1 20.8 7.9 9.6 8.5 8.6
2012-11-13 7.3 15.1 5.4 17.2 11.5 19.3 4.6 21.7 5.2 10.4 6.7 8.7
2012-11-20 6.3 16.8 5.1 18.2 9.4 20.0 4.1 24.4 4.7 10.8 6.1 8.9
2012-11-27 6.0 17.2 5.0 18.7 7.3 21.2 4.9 25.5 4.4 10.8 7.4 8.9
2012-12-04 6.2 17.2 4.8 20.1 5.8 21.8 5.8 25.7 5.5 9.9 7.5 8.6
2012-12-11 6.5 16.3 4.3 19.3 5.5 21.0 6.1 24.0 6.9 7.9 9.1 6.3
2012-12-18 6.7 16.6 3.6 23.2 5.8 24.0 7.1 27.1 6.5 7.8 8.0 6.0
2012-12-25 6.4 17.7 3.0 25.6 5.8 24.4 6.8 28.8 5.4 7.5 7.4 5.8
2013-01-01 6.2 18.6 2.8 25.9 6.1 23.1 7.1 28.9 3.6 7.3 7.7 5.6
2013-01-08 6.4 19.0 2.7 24.5 6.0 19.8 7.1 27.6 4.4 8.0 7.5 6.6
2013-01-15 6.5 17.5 3.5 22.2 5.9 16.3 6.8 25.5 4.6 8.2 8.5 7.2
2013-01-22 6.9 15.6 4.4 20.2 6.3 14.3 7.0 23.9 5.5 8.3 8.5 7.6
2013-01-29 6.9 15.0 4.2 16.8 5.8 11.0 6.5 20.7 7.7 8.4 7.6 7.9
2013-02-05 7.0 14.6 4.2 18.2 6.4 12.3 6.8 21.1 8.1 9.5 7.1 9.2
2013-02-12 6.8 16.2 3.4 22.2 6.4 16.1 6.9 23.6 7.8 9.4 7.1 9.1
2013-02-19 6.4 18.5 2.4 25.6 6.2 19.9 6.8 25.7 7.0 11.0 7.4 10.8
2013-02-26 6.6 20.8 3.4 31.1 6.3 26.0 7.0 30.0 6.3 13.7 8.6 13.6
2013-03-05 6.7 22.7 4.7 32.0 5.2 27.8 7.0 30.1 6.7 13.9 9.3 14.0
2013-03-12 6.8 23.3 5.8 32.1 4.7 28.9 7.1 29.7 6.8 14.3 9.0 14.6
2013-03-19 7.2 23.1 7.0 31.5 5.1 29.1 7.4 29.4 6.8 12.3 9.1 12.8
2013-03-26 7.5 21.7 7.3 27.8 6.0 26.5 7.8 26.4 6.7 12.3 9.0 12.9
2013-04-02 7.1 20.9 6.9 26.5 6.4 25.8 7.5 25.6 5.2 12.6 8.4 12.9
2013-04-09 7.3 19.4 6.8 24.2 7.4 23.6 6.8 24.1 5.7 13.2 9.2 12.6
2013-04-16 7.8 17.9 6.9 22.7 7.7 21.6 6.7 22.2 7.2 11.6 10.1 10.5
2013-04-23 7.9 17.6 7.0 23.6 7.3 22.4 6.6 22.5 8.4 12.6 9.5 11.1
2013-04-30 8.2 17.6 7.2 24.1 7.4 22.9 6.8 22.2 9.5 12.2 9.2 10.6
2013-05-07 7.8 17.9 6.8 24.4 5.6 23.0 6.9 20.1 9.9 12.1 8.3 10.3
2013-05-14 7.4 19.2 6.7 27.0 4.4 25.1 6.9 19.3 10.2 12.4 7.8 10.2
2013-05-21 6.6 20.7 6.3 29.2 4.1 28.2 7.0 19.6 7.7 13.4 7.6 10.7
2013-05-28 6.7 21.3 6.3 31.3 5.4 32.2 7.0 20.8 6.9 13.8 8.1 10.9
2013-06-04 7.0 22.6 6.6 31.4 7.2 35.6 7.2 22.0 6.3 13.7 8.4 11.2
2013-06-11 7.3 23.3 6.8 29.9 8.5 36.8 7.2 22.9 6.4 13.9 8.1 11.8
2013-06-04 7.0 22.6 6.6 31.4 7.2 35.6 7.2 22.0 6.3 13.7 8.4 11.2
2013-06-11 7.3 23.3 6.8 29.9 8.5 36.8 7.2 22.9 6.4 13.9 8.1 11.8
2013-06-18 8.5 22.7 7.5 29.4 9.9 36.5 7.4 23.5 9.0 13.0 8.2 11.5
2013-06-25 8.7 22.2 7.5 29.0 10.4 34.3 7.6 23.4 8.8 12.4 8.3 11.5
2013-07-02 8.8 21.4 7.8 27.3 10.9 29.8 7.7 21.4 7.7 11.7 8.1 11.0
2013-07-09 8.6 21.3 7.6 27.5 10.8 26.9 7.5 21.2 7.5 12.1 7.2 11.7
2013-07-16 7.9 19.3 7.3 24.9 9.3 21.9 7.2 18.2 6.3 12.1 6.9 11.9
2013-07-23 7.8 18.3 8.0 23.9 8.0 20.3 7.0 17.8 7.0 12.7 7.4 12.5
2013-07-30 7.9 17.5 8.2 24.0 7.4 19.6 7.1 18.0 8.0 14.0 8.0 13.8
2013-08-06 7.6 17.4 8.2 23.6 6.2 19.4 6.9 18.2 7.1 14.5 9.0 14.4
2013-08-13 7.8 16.4 8.4 22.8 6.2 18.9 7.2 17.9 6.8 13.4 9.7 13.2
2013-08-20 7.9 16.1 8.0 23.0 6.9 18.6 7.3 17.8 6.6 12.7 8.8 12.7

Source: NRCan

Crude Oil Overview

Major World Events Continue to Impact Crude Oil Prices

For the week ending August 16, 2013, prices for the three marker crudes averaged between $662/m3 and $713/m3 (US$102 to US$110 per barrel). Edmonton Par ended at $662/m3 (US$102 per barrel); higher than the previous week, increasing by $10/m3 (US$2 per barrel).

Meanwhile, West Texas Intermediate (WTI) registered at $695/m3 (US$107 per barrel), higher than the previous week by $9/m3 (US$2 per barrel). The Brent crude oil benchmark rose to $713/m3 (US$110 per barrel), up $10/m3 (US$2 per barrel) from the previous week.

For the week ending August 16, 2013, the price differential between WTI and Brent prices stood at $19/m3 (US$3 per barrel).

Brent crude oil prices continued to climb for the week of August 12, 2013, due to the unrest in Egypt leading to the fear of supply disruptions through the Suez Canal. Egypt is not a major producer of crude, however the Suez Canal and Egyptian ports are hubs for transporting crude. Currently, it is unlikely that there will be any disruptions, however markets move on the premise of what is likely to happen.

Figure 6: Crude Oil Price Comparisons

Crude Oil Price Comparisons
Text version - Figure 6

This graph shows crude oil prices for Edmonton Par, WTI and Brent. The average weekly prices for the period ending August 16, 2013, were $662/cubic metres, $695/cubic metres and $713/cubic metres for Edmonton Par, WTI and Brent, respectively.

Dates Edmonton Par Prices WTI Prices Brent Prices
01/11 525.08 559.18 601.95
02/11 525.75 556.16 645.23
03/11 609.96 632.59 703.16
04/11 696.77 662.59 741.59
05/11 634.91 617.17 697.06
06/11 614.21 591.76 699.64
07/11 599.18 585.28 701.96
08/11 554.74 533.58 679.51
09/11 578.01 538.55 696.18
10/11 585.88 554.72 702.66
11/11 636.41 627.49 713.92
12/11 615.54 633.97 693.85
01/12 608.11 639.88 709.45
02/12 594.50 640.89 750.59
03/12 538.60 663.34 780.71
04/12 528.21 644.60 751.91
05/12 548.81 601.64 704.10
06/12 507.78 532.76 618.43
07/12 477.07 560.69 659.07
08/12 544.82 587.49 707.75
09/12 570.15 582.08 697.56
10/12 578.61 555.66 694.60
11/12 539.87 543.52 686.30
12/12 467.14 549.56 680.33
01/13 549.97 592.14 699.83
02/13 553.76 605.29 736.06
03/13 560.66 598.93 705.36
04/13 571.20 590.06 663.78
05/13 598.81 608.31 662.59
06/13 577.25 630.51 680.52
07/13 664.03 685.36 703.73
August 9, 2013 652.27 685.35 703.03
August 16, 2013 662.31 694.69 713.48
 
Changes in Crude Oil Prices
Crude Oil Types Week Ending: 2013-08-16 Change From:
Previous Week Last Year
$Can/m3 $US/bbl $Can/m3 $US/bbl $Can/m3 $US/bbl
Edmonton Par 662.31 101.93 +10.03 +1.89 +111.40 +13.47
WTI 694.69 106.92 +9.34 +1.80 +106.69 +12.50
Brent 713.48 109.81 +10.44 +1.98 -4.05 -5.41

Source: NRCan

Short Term energy Outlook

According to the U.S. Energy Information Administration’s (EIA) Short-Term Energy Outlook released August 6, 2013, crude oil prices increased during the first three weeks of July 2013 as world oil markets tightened in the face of seasonal increases in world consumption, unexpected supply disruptions, and heightened uncertainty over the security of supply with the renewed unrest in Egypt. The EIA expects that the Brent crude oil spot price, which averaged $108 per barrel over the first half of 2013, will average $104 per barrel over the second half of 2013, and $100 per barrel in 2014.

EIA expects the WTI discount to widen to $6 per barrel by the end of 2013 as crude oil production in Alberta, Canada, recovers following the heavy June flooding and as midcontinent production continues to grow.

Rising crude oil prices and seasonal demand increases contributed to U.S. regular gasoline retail prices increasing from an average of $3.50 per gallon on July 1, 2013, to $3.63 per gallon on August 5. EIA expects the regular gasoline retail price to average $3.59 per gallon in the third quarter of 2013, and the annual average price to decline from an average of $3.63 per gallon in 2012 to $3.52 per gallon in 2013 and to $3.37 per gallon in 2014.

Source: U.S. IEA

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