Fuel Focus: 2013 Annual Review

Table of Contents


2013 Annual Review

Fuel Focus 2013 Annual Review summarizes the events that characterized the Canadian retail gasoline market during 2013. Throughout the year, the bi-weekly Fuel Focus report provides readers with regular information on the various aspects of the Canadian gasoline markets and the economic drivers influencing prices.

Highlights

  • The Canadian average retail pump prices presented in this report are based on averaging once per week snapshots of retail prices across Canada. Prices in individual markets have an even wider range than the Canadian average price range.
     
  • Canadian retail gasoline prices in 2013 averaged $1.28 per litre, an increase of less than 1 cent per litre from 2012. Gasoline prices fluctuated within a range of 16 cents per litre, from a low of $1.19 per litre to a high of $1.35 per litre in 2013. In comparison, the range was 19 cents per litre from a low of $1.17 per litre to a high of $1.36 per litre in 2012.
     
  • Retail pump prices peaked at $1.35 per litre in July with the higher demand of the summer driving season. Overall, national retail gasoline prices followed a similar pattern as in the previous two years. Most of the fluctuations in retail gasoline prices were due to crude oil price fluctuations.
     
  • Diesel fuel and furnace oil prices rose by nearly 3 cents per litre to $1.29 and $1.20 per litre, respectively.
     
  • Canadian and American wholesale gasoline prices averaged 80.7 and 78.5 cents per litre respectively in 2013, compared to 80.6 and 79.2 cents per litre respectively in 2012. Overall, average retail pump prices reflected the upward pressure from world crude oil prices.
     
  • The average refining margin registered at 18 cents per litre, a decrease of 2 cents per litre from 2012, while marketing margins increased by 0.5 cent per litre to 7.5 cents per litre.
     
  • Crude oil prices for the three crude oil benchmarks (Edmonton Par, WTI and Brent) averaged $642/m3 (US$99/bbl) in 2013—an increase of $30/m3 (US$2/bbl) from 2012. Overall, Edmonton Par prices averaged $585/m3 (US$90/bbl), an increase of $43/m3 (US$4/bbl). WTI averaged $636/m3 (US$98/bbl) from the previous year, an increase of $44/m3 (US$4/bbl) and Brent prices averaged $705/m3 (US$109/bbl), almost unchanged from the previous year.

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 December 31, 2013 at 128.3 cents per litre, excluding taxes at 88.6 cents per litre, Edmonton Par at 52.6 cents per litre and Brent at 74.9 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
27/08/2013 133.0 93.0 66.4 72.3
03/09/2013 133.9 93.8 70.2 75.5
10/09/2013 132.1 92.2 68.1 76.1
17/09/2013 130.6 90.8 65.8 73.0
24/09/2013 126.4 87.1 63.7 70.8
01/10/2013 124.3 85.2 61.9 70.3
08/10/2013 123.6 84.6 60.1 70.6
15/10/2013 124.8 85.6 60.9 71.9
22/10/2013 125.5 86.2 59.7 71.7
29/10/2013 124.4 85.2 57.4 70.6
05/11/2013 123.7 84.6 58.9 71.1
12/11/2013 122.6 83.6 53.5 69.0
19/11/2013 124.6 85.3 48.7 70.7
26/11/2013 126.4 86.9 48.6 71.8
03/12/2013 125.4 86.1 49.4 73.6
10/12/2013 125.9 86.5 50.9 74.9
17/12/2013 124.5 85.2 52.5 73.0
24/12/2013 125.0 85.6 52.6 73.5
31/12/2013 128.3 88.6 52.6 74.9

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 13-08-27 133.00
11-09-06 128.60 12-09-04 130.90 13-09-03 133.90
11-09-13 127.20 12-09-11 132.20 13-09-10 132.10
11-09-20 124.90 12-09-18 134.60 13-09-17 130.60
11-09-27 123.90 12-09-25 128.90 13-09-24 126.40
11-10-04 123.40 12-10-02 132.80 13-10-01 124.30
11-10-11 125.60 12-10-09 133.00 13-10-08 123.60
11-10-18 126.40 12-10-16 130.10 13-10-15 124.80
11-10-25 124.00 12-10-23 124.30 13-10-22 125.50
11-11-01 121.90 12-10-30 123.50 13-10-29 124.40
11-11-08 124.70 12-11-06 121.60 13-11-05 123.70
11-11-15 123.00 12-11-13 122.50 13-11-12 122.60
11-11-22 120.20 12-11-20 122.20 13-11-19 124.60
11-11-29 119.20 12-11-27 122.60 13-11-26 126.40
11-12-06 120.50 12-12-04 120.90 13-12-03 125.40
11-12-13 118.30 12-12-11 117.30 13-12-10 125.90
11-12-20 116.20 12-12-18 117.70 13-12-17 124.50
11-12-27 119.00 12-12-25 119.00 13-12-24 125.00
        13-12-31 128.30

Table 1: Changes in Fuel and Crude Oil Prices
¢/L Annual (National Average)
2013 2012 Change
Gasoline 127.9 127.5 +0.4
Diesel 128.6 125.4 +3.2
Furnace Oil 120.3 117.7 +2.6
Edmonton Par 58.3 54.4 +3.9
Brent 70.3 70.3 0.0

Source: NRCan

Table 2: Natural Gas Prices for Vehicles
Average 2013 ¢/kilogram ¢/L gasoline
equivalent
¢/L diesel
equivalent
Vancouver 123.6 81.5 84.5
Edmonton 115.1 75.9 78.7
Toronto 110.6 73.0 75.6

Source: ¢/kg Kent Marketing Services Limited

Retail Gasoline Overview

The annual average gasoline pump price in the selected cities shown in Figure 3 was $1.28 per litre in 2013—an increase of less than 1 cent per litre compared to 2012.

Crude oil, the main pump price component, averaged 63 cents per litre in 2013—an increase of 2 cents per litre from the previous year.

The refining and marketing costs and margins component decreased by 2 cents per litre in 2013 to 25 cents per litre.

In 2013, federal and provincial taxes accounted for 40 cents per litre of the average gasoline price at the pump, unchanged from the previous year.

Average retail gasoline prices in Charlottetown increased by nearly 5 cents per litre, mainly due to higher overall taxes, followed by Winnipeg at 2 cents per litre due to higher crude oil costs. St. John’s registered a decrease of nearly 3 cents per litre as a result of lower refining and marketing costs and margins.

Figure 3: Regular Gasoline Pump Prices in Selected Cities
Annual Average for 2013

Regular Gasoline Pump Prices in Selected Cities Four-Week Average (August 13 to September 3, 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 134.7 140.2 137.2 112.5 119.8 120.1 127.7 137.7 126.9 131.0 129.2 129.8 127.9
Crude (est.) 58.3 58.3 58.3 58.3 58.3 58.3 58.3 70.3 70.3 70.3 70.3 70.3 63.1
Federal Taxes 16.4 16.7 10.0 15.4 15.7 15.7 10.0 16.0 10.0 10.0 10.0 10.0 15.8
Provincial Tax 6.2 10.7 32.2 9.0 15.0 14.0 14.7 34.0 13.6 15.5 13.8 16.5 23.6
HST     6.5       14.7   14.6 17.1 13.5 14.9  
Refining & Marketing Costs & Margins 53.8 54.5 30.2 29.8 30.8 32.1 30.0 17.4 18.4 18.1 21.6 18.1 25.4

This table shows the retail gasoline price change by pump price components for 2013 over 2012.

Regular Gasoline Pump Price Components in Selected Cities
Change in Annual Average for 2013 over 2012 (cents per litre)
Selected Cities WH YK VA CY RE WG TO ML SJ HX CH SJ’s CA
Provincial Taxes               0.9     -2.0   -0.1
HST     0.1       0.1   -0.1   13.5 -0.3  
Federal Taxes 0.1     0.1 -0.1 0.1         -5.9   0.1
R & M Costs and Margins -2.3 -3.9 -2.9 -3.2 -6.2 -1.8 -3.0 -0.1 -0.7 -0.4 -0.3 -2.4 -1.7
Crude Oil -(Edmonton Par and Brent) 3.9 3.9 3.9 3.9 3.9 3.9 3.9           2.1
Retail Pump Prices 1.7   1.1 0.8 -2.4 2.2 1.1 0.9 -0.7 -0.4 5.3 -2.7 0.4

Source: NRCan
* Regulated Markets

Regular Gasoline Pump Price Components in Selected Cities
Change in Annual Average for 2013 over 2012 (cents per litre)
Selected Cities WH YK VA CY RE WG TO ML SJ HX CH SJ’s CA
Provincial Taxes               0.9     -2.0   -0.1
HST     0.1       0.1   -0.1   13.5 -0.3  
Federal Taxes 0.1     0.1 -0.1 0.1         -5.9   0.1
R & M Costs and Margins -2.3 -3.9 -2.9 -3.2 -6.2 -1.8 -3.0 -0.1 -0.7 -0.4 -0.3 -2.4 -1.7
Crude Oil  -(Edmonton Par and Brent) 3.9 3.9 3.9 3.9 3.9 3.9 3.9           2.1
Retail Pump Prices 1.7   1.1 0.8 -2.4 2.2 1.1 0.9 -0.7 -0.4 5.3 -2.7 0.4

Note: Empty fields indicate no changes from 2012 to 2013. Shaded areas indicate the tax is not applicable. Federal taxes include the excise tax and the GST where applicable.

Wholesale Gasoline Prices

In 2013, wholesale gasoline prices in Canada and the U.S. followed similar trends, with the annual average in Canada at 81 cents per litre, 2 cents per litre higher than the 79 cents per litre average for selected American centres.

Wholesale gasoline prices in selected centres ranged from a decrease of 3 cents per litre to an increase of 1 cent per litre from last year’s level. In 2013, prices fluctuated between approximately 79 and 82 cents per litre in Canadian markets and between 76 and 79 cents per litre in nearby U.S markets.

Overall, Canadian and American wholesale gasoline prices followed each other closely. The exception was in Vancouver where the price spread fluctuated above Seattle for most of the year.

Higher prices in Vancouver were mainly due to tighter gasoline supplies. Limited capacity on the Kinder Morgan Trans Mountain Pipeline (which supplies most of Vancouver gasoline) and scheduled and un-scheduled refinery maintenance contributed to the supply constraint. Edmonton also saw some temporary price increases in May-June due to refinery supply issues.

Figure 4: Wholesale Gasoline Prices
Rack Terminal Prices for Selected Canadian and American Cities Ending December 26, 2013
(Can ¢/L)
[Click for larger image]

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
Thu 22-Aug-13 83.90 83.75 84.00 82.03 83.50 82.16 80.90 84.32 86.40 76.73
Thu 29-Aug-13 88.90 87.42 88.30 85.55 88.10 86.41 83.40 89.62 88.90 80.31
Thu 05-Sep-13 86.70 84.77 86.20 83.13 85.90 84.03 83.20 86.81 86.50 79.97
Thu 12-Sep-13 81.00 79.52 80.90 77.16 82.90 78.97 79.20 79.37 84.00 78.65
Thu 19-Sep-13 79.70 73.77 80.20 73.60 81.60 75.45 77.10 77.32 83.70 74.59
Thu 26-Sep-13 77.40 75.99 77.00 74.69 78.70 75.25 76.50 76.96 80.90 74.43
Thu 03-Oct-13 76.50 73.93 76.00 74.33 77.80 74.45 75.60 77.48 79.10 73.09
Thu 10-Oct-13 77.00 76.23 76.40 75.22 78.20 75.24 76.20 79.28 76.80 71.32
Thu 17-Oct-13 78.80 75.48 78.00 75.66 79.80 75.64 77.80 77.39 78.30 68.82
Thu 24-Oct-13 76.30 73.26 74.20 72.60 76.40 76.40 75.10 74.67 75.20 68.55
Thu 31-Oct-13 78.40 74.83 77.40 75.50 78.90 74.66 75.90 73.89 75.50 69.29
Thu 07-Nov-13 76.50 73.29 75.40 73.47 77.70 73.62 73.10 70.87 73.90 67.58
Thu 14-Nov-13 78.50 78.01 77.70 77.49 78.90 78.23 74.80 73.14 74.60 71.77
Thu 21-Nov-13 80.00 80.43 77.80 77.74 79.80 77.16 75.30 74.96 73.50 69.75

Thu 28-Nov-13

81.30 78.79 80.20 79.06 81.60 79.32 75.50 73.46 74.60 70.20
Thu 05-Dec-13 81.30 81.98 81.70 80.77 81.90 79.95 74.00 73.04 74.70 71.18
Thu 12-Dec-13 79.30 80.57 80.00 80.76 79.60 79.52 72.30 67.30 73.60 69.01
Thu 19-Dec-13 80.60 80.41 80.60 80.76 79.80 81.20 69.40 74.95 74.60 71.49
Thu 26-Dec-13 82.50 82.08 84.20 81.35 82.80 82.75 72.70 77.90 77.80 73.92

Sources: NRCan, Bloomberg Oil Buyers Guide

Average Canadian and American Rack Prices in Selected Centres

  Canadian American
2013 80.7 78.5
2012 80.6 79.2
Change +0.1 -0.7

Note: Average of the five centres shown for each country.

Refining and Marketing Margins

Refining margins for gasoline increased in 2013 compared to the previous year. Overall, compared to 2012, average refining margins decreased by 2 cents per litre to 18 cents per litre in 2013.

The four-week rolling national average refining margins ranged from a low of 12 cents per litre to a high of 23 cents per litre in 2013. In comparison, margins fluctuated in the range of 10 to 27 cents per litre in 2012.

Overall refinery margins reflect market conditions. In 2013, refinery margins were lower than in the previous year. Refinery margins showed the traditional spike in spring and summer which relates to higher seasonal demand for gasoline with the summer driving season.

Sufficient gasoline and crude oil inventories in the U.S. moderated the rise in refining margins. There were also few market supply constraints. When supplies are tight, margins rise as markets adjust, using higher prices as a mechanism to bring supply and demand into balance.

However, Canadian centres using Edmonton Par crude oil feedstocks for refineries located in Sarnia and Western Canada saw higher refining margins, albeit lower than in the previous year. Conversely, Eastern Canadian refineries using higher cost Brent type of crude oil feedstocks showed much lower margins.

By comparison, marketing margins fluctuated over a narrow range and were much more stable than refining margins. Nationally, the average margin increased marginally from last year by 0.5 cent per litre to 7.5 cents per litre. Halifax registered the highest marketing margin at 8 cents per litre while Vancouver registered the lowest level at 6 cents per litre.

Figure 5: Gasoline Refining and Marketing Margins
(Four-Week Rolling Average)
_________ Refining Margin _______ Marketing Margin
[Click for larger image]

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
2013-08-27 7.8 16.2 8.0 20.5 6.8 16.7 7.4 16.4 6.6 11.3 8.0 11.5
2013-09-03 7.9 15.2 8.1 19.5 7.2 16.4 7.3 16.5 6.9 11.4 8.1 11.7
2013-09-10 8.0 14.6 7.8 18.9 7.6 16.7 7.3 17.3 7.5 10.4 8.8 10.8
2013-09-17 8.2 14.0 7.6 17.7 7.1 15.6 7.9 16.7 7.2 9.1 9.1 9.4
2013-09-24 8.6 12.7 7.2 19.3 7.8 17.1 8.1 18.0 7.8 9.1 9.7 9.4
2013-10-01 8.8 12.1 7.0 18.4 8.4 16.3 8.6 16.8 7.4 7.3 9.2 7.9
2013-10-08 8.5 12.2 6.7 18.9 8.5 17.2 8.4 17.1 7.4 5.9 8.1 6.6
2013-10-15 7.8 12.5 6.2 18.2 7.5 17.8 7.6 17.2 7.3 5.1 7.0 6.1
2013-10-22 7.3 13.2 5.9 18.8 7.3 20.0 7.4 18.8 6.9 5.1 6.8 6.3
2013-10-29 7.3 13.9 5.7 18.1 7.8 20.1 6.9 19.1 7.6 5.1 6.7 6.3
2013-11-05 7.8 13.6 5.9 18.8 8.9 21.3 7.2 20.8 8.4 5.7 7.3 6.9
2013-11-12 7.8 14.5 6.0 18.5 9.5 21.2 7.4 21.2 7.6 6.0 7.4 7.0
2013-11-19 7.6 16.2 6.1 21.9 7.7 24.7 7.3 25.6 8.3 5.9 6.6 7.0
2013-11-26 7.6 17.8 5.8 23.7 7.2 26.9 7.9 28.3 8.8 6.8 6.6 7.8
2013-12-03 7.0 19.9 4.9 24.8 6.1 28.1 7.7 30.5 7.3 5.9 6.1 6.9
2013-12-10 7.3 20.2 4.5 24.3 6.1 27.8 7.9 30.9 8.3 6.2 6.9 7.0
2013-12-17 7.8 18.9 4.3 22.2 8.2 24.6 7.8 28.9 8.0 6.1 8.0 6.4
2013-12-24 7.2 18.4 4.7 22.3 7.6 22.9 7.7 28.5 5.6 6.8 7.6 6.5
2013-12-31 7.5 18.1 5.7 23.0 8.1 22.0 8.1 28.3 6.3 8.0 7.6 7.1

Source: NRCan

Crude Oil Overview

In 2013, crude oil prices for the three crude oil benchmarks (Edmonton Par, WTI and Brent) averaged 642/m3 (US$99/bbl) an increase of $30/m3 (US$2/bbl) from 2012. The following is a summary of the more significant events affecting the price of crude oil in 2013.

Edmonton Par prices averaged $585/m3 (US$90/bbl), an increase of $43/m3 (US$4/bbl), while WTI averaged $636/m3 (US$98/bbl) from the previous year, an increase of $44/m3 (US$4/bbl) and Brent prices averaged $705/m3 (US$109/bbl), almost unchanged from the previous year. Prices for the three benchmark crude oil prices narrowed by mid-year and widened again during the last quarter of 2013. Edmonton Par prices fluctuated in the range of $512/m3 to $665/m3; WTI in the range of 590/m3 to 697/m3; and Brent in the range of 663/m3 to 741/m3.

The price differential between Brent global crude oil prices and the North American benchmarks narrowed considerably in 2013 compared to 2012. While the price gap appeared to reach historic pre-2010 levels by mid-year, the gap increased again in the latter part of the year. In 2013, the discount for Edmonton Par compared to Brent ranged from $40/m3 to 216/m3 (US$6 to US$32 per barrel), while the discount for WTI compared to Brent ranged from $18/m3 to $131/m3 (US$3 to US$21 per barrel).

In early 2013, Edmonton Par and WTI prices were heavily discounted versus Brent. However, the price differential between all three benchmark crudes narrowed by mid-2013, particularly due to North American crude oil becoming increasingly moved by rail to refinery markets.

In 2013, the supply of North American crude oil also increased significantly compared to the previous year, mainly from the Bakken crude oil formation in North Dakota and Canadian crude oil from the oil sands.

By the latter part of 2013, an oversupply of crude oil on the North American market and a decrease in U.S. oil consumption contributed to renewed downward pressure on North American prices, particularly compared to prices in global markets. Generally, the North American situation in 2013 was characterized by a growing oversupply of oil and sluggish oil consumption. U.S. crude oil inventories rose in the upper range of their five-year average, helping moderate prices. In addition, a significant amount of refinery maintenance in the U.S. further reduced the demand for crude.

While Brent crude oil prices remained firm compared to North American crude oil prices, Brent prices weakened early in the year mainly due to a poor world economic outlook. The strengthening of the U.S. dollar then provided upward pressure on prices. By mid-year, Brent crude oil prices moved upward, buoyed by the political risk premium stemming from oil-producing countries in the Middle-East and the fear that violence could extend to Europe. While in 2012, global crude oil prices were dampened by the European debt crisis, Brent oil prices in 2013 were partly affected by uncertainties due to unrest in Egypt, Syria and Libya.

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 December 2013 are $525/cubic metres, $655/cubic metres and $741/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
08/13 665.21 697.44 722.47
09/13 647.06 691.84 723.16
10/13 592.41 655.54 713.92
11/13 511.65 620.13 711.21
12/13 524.69 655.42 740.65

Changes in Crude Oil Prices
Crude Oil Types Annual
2013 2012 Change
$Can/
m3
$US/
bbl
$Can/
m3
$US/
bbl
$Can/
m3
$US/
bbl
Edmonton Par 584.72 90.15 541.97 86.23 +42.75 +3.92
WTI 635.91 97.99 591.84 94.16 +44.07 +3.83
Brent 705.27 108.72 703.40 111.93 +1.87 -3.21

Source: NRCan

Supplement

Federal and Provincial Consumption Taxes on Petroleum Products
(In Cents/Litre or in % as indicated as of December 31, 2013)

  Gasoline Diesel Propane
(motor vehicle)
Furnace Oil/ Natural Gas
(for heating)
Federal Taxes
Excise Tax 10.0 4.0 - -
Goods and Services Tax 5% 5% 5% 5%
OR:
Harmonized Sales Taxes (1)  in:
       
Newfoundland and Labrador, Ontario,  and New Brunswick 13% 13% 13% 13%
Nova Scotia(2) 15% 15% 15% 5%
Prince Edward Island 14% 14% 14% 5%
British Columbia 5% 5% 5% 5%
Provincial Taxes
Newfoundland and Labrador 16.5 16.5 7.0  
Prince Edward Island (3) 13.1 20.2    
Nova Scotia 15.5 15.4 7.0  
New Brunswick 13.6 19.2 6.7  
Quebec(4)  19.2 20.2    
Quebec Sales Tax 9.975% 9.975% 9.975% 9.975%
Ontario 14.7 14.3 4.3  
Manitoba 14.0 14.0 3.0  
Saskatchewan 15.0 15.0 9.0  
Alberta 9.0 9.0 6.5  
British Columbia
Additional Carbon Tax (5)
14.5 15.0    
6.67 7.67 4.62 7.67/5.70
Yukon 6.2 7.2    
Northwest Territories (6) 10.7/6.4 9.1    
Nunavut(6) 10.7/6.4 9.1    
Transportation Taxes
(in addition to federal and provincial taxes)
Montreal(4) 3.0      
Vancouver(5) 11.0 11.0    
Victoria(5) 3.5 3.5    

Notes:

1. Where the HST is in place, the federal portion of the tax is 5%.

2. NS has a point of sale tax rebate of the provincial portion of the HST (8%) on furnace oil.

3. In Prince Edward Island (PEI), gasoline and diesel taxes are calculated based on volume and a fixed rate tax is applied to every litre of product sold. More detailed information is available on PEI’s website at http://www.taxandland.pe.ca

4. In QC, gasoline, diesel and propane taxes are reduced by varying amounts in certain remote areas and within 20 kilometres of the provincial and U.S. borders. The QC provincial retail sales tax (QST), which is 9.975% as of January 1, 2013, applies to all petroleum products. An urban tax of 3.0 cents per litre is also added to gasoline sold in Montreal and surrounding municipalities.

5. BC applies a carbon tax on all fuels. In the Greater Vancouver and Victoria areas, there are additional transportation taxes of 11.0 and 3.5 cents per litre, respectively, on gasoline and diesel. More information is available on BC’s website at http://www.sbr.gov.bc.ca/business/Consumer_Taxes/consumer_taxes.htm

6. In the Northwest Territories and Nunavut, gasoline is taxed at 6.4 cents per litre in communities not served by a highway system.

Notes:

The order in which taxes are applied is as follows: a) consumption and excise taxes (municipal, provincial and federal) are added to the ex-tax price, then b) the GST/HST is calculated and added onto the sum from a), then c) (in Quebec only) the QST is calculated and added onto the result of b).

2013 Fuel Focus Supplements

The following provides an index of the information and analysis provided as Supplements in the Fuel Focus Reports throughout the year. To view the full content of each Supplement, please follow the link.

Issue 11, June 14, 2013
Benchmark Crude Oil Price Differentials

Issue 12, June 28, 2013
The Cost of Operating a Vehicle

Issue 14, July 26, 2013
Factors Behind the Narrowing of the WTI/Brent Price Differential

Issue 22, November 15, 2013
Price Differentials for Similar Quality Light Crude Oils

Issue 23, November 29, 2013
Price Differentials for Similar Quality Heavy Crude Oils

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