Fuel Focus, April 17, 2015

Table of Contents


National Overview

Canadian Retail Gasoline Prices Increased 0.5 Cents per Litre from Last Week

For the week ending April 14, 2015, Canadian average retail gasoline prices decreased by 0.5 cents per litre from the previous week to reach an average of $1.08 per litre. Prices are 29 cents per litre lower than last year at this time.

Diesel prices declined by 1.5 cents per litre to $1.11 per litre over the same time period. This is 29 cents less than for the same period last year. Furnace oil prices decreased by 1.2 cents per litre, reaching $1.08 per litre, a decrease of 20 cents per litre from a year ago.

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

Crude Oil and Gasoline Price Comparison

 
Text version

Figure 1

The graph shows prices in cents per litre for gasoline at retail, gasoline excluding taxes, and Canadian Light Sweet and Brent crude oil prices. Gasoline prices ended the period of April 14, 2015, at 107.6 cents per litre, excluding taxes at 69.1cents per litre, Canadian Light Sweet at 38.1 cents per litre and Brent at 45.3 cents per litre.

Dates Gasoline at retail Excluding Taxes Canadian Light Sweet Brent crude
07/01/2014 125.0 85.6 60.6 73.0
14/01/2014 125.6 86.2 54.6 72.6
21/01/2014 125.7 86.3 52.8 73.2
28/01/2014 126.6 87.0 55.1 74.9
04/02/2014 125.9 86.7 59.0 75.1
11/02/2014 127.6 88.2 57.0 74.4
18/02/2014 129.3 89.8 68.5 75.3
25/02/2014 130.7 91.0 69.7 75.4
04/03/2014 132.5 92.7 71.5 75.4
11/03/2014 131.8 92.1 70.3 75.9
18/03/2014 132.0 92.3 64.3 75.4
25/03/2014 132.9 93.2 63.4 74.7
01/04/2014 132.9 93.2 64.4 75.2
08/04/2014 133.9 94.1 65.1 73.7
15/04/2014 136.8 96.7 64.2 73.8
22/04/2014 137.7 97.4 65.5 75.7
29/04/2014 139.8 99.4 65.0 76.1
06/05/2014 136.9 96.8 64.2 74.8
13/05/2014 135.7 95.8 64.2 73.9
20/05/2014 136.0 95.9 65.2 75.0
27/05/2014 136.8 96.6 66.2 75.5
03/06/2014 137.4 97.2 70.3 75.0
10/06/2014 138.1 97.9 65.5 74.7
17/06/2014 138.8 98.5 67.1 76.0
24/06/2014 141.2 100.7 67.3 77.8
01/07/2014 138.7 98.4 66.5 76.7
08/07/2014 137.2 97.0 65.2 74.9
15/07/2014 133.8 93.9 62.9 72.9
22/07/2014 133.0 93.2 62.7 72.4
29/07/2014 131.8 92.1 63.0 72.9
05/08/2014 131.1 91.5 63.7 72.9
2014-08-12 133.6 93.8 61.0 72.3
2014-08-19 131.3 91.7 61.1 71.1
26/08/2014 132.1 92.5 59.8 70.2
02/09/2014 132.8 93.0 60.6 70.4
09/09/2014 133.0 93.3 61.2 69.5
16/09/2014 129.9 90.4 60.5 68.2
23/09/2014 129.4 90.0 61.1 68.0
30/09/2014 130.1 90.6 60.6 67.6
07/10/2014 128.0 88.8 60.8 66.4
14/10/2014 123.1 84.4 58.0 64.2
21/10/2014 121.9 83.2 54.8 60.5
28/10/2014 118.8 80.3 53.1 60.8
04/11/2014 117.8 79.5 51.7 60.8
11/11/2014 119.2 80.7 49.0 59.6
18/11/2014 116.2 78.1 47.5 57.2
25/11/2014 114.4 76.4 47.0 56.2
02/12/2014 112.3 74.4 45.9 54.3
09/12/2014 107.2 69.9 42.9 50.3
16/12/2014 101.1 64.4 41.4 49.7
23/12/2014 99.4 62.8 35.6 44.3
30/12/2014 98.1 61.6 35.7 44.2
06/01/2015 95.0 58.8 33.8 42.0
13/01/2015 91.5 55.7 30.5 38.1
20/01/2015 91.3 55.4 29.8 35.8
27/01/2015 92.5 56.5 30.3 37.6
03/02/2015 96.5 60.2 30.7 39.1
10/02/2015 101.2 64.5 34.7 44.2
17/02/2015 103.0 66.2 35.0 45.3
24/02/2015 103.7 66.8 35.7 47.7
03/03/2015 112.3 74.1 35.1 44.6
10/03/2015 108.6 70.6 35.4 47.4
17/03/2015 105.8 68.0 33.8 45.4
2015-03-24 107.3 69.5 31.6 43.7
2015-03-31 107.1 69.3 34.9 44.6
2015-04-07 108.1 70.2 35.6 44.2
2015-04-14 107.6 69.1 38.1 45.3
 

Figure 2: Weekly Regular Gasoline Prices

Weekly Regular Gasoline Prices

 
Text version

Figure 2

This graph shows the gasoline price trends from 2013 to 2015.

Date 2013 Gasoline at Retail Date 2014 Gasoline at Retail Date 2015 Gasoline at Retail
13-01-01 118.90 14-01-07 125.00 15-01-06 95.00
13-01-08 120.60 14-01-14 125.60 15-01-13 91.50
13-01-15 118.90 14-01-21 125.70 15-01-20 91.30
13-01-22 119.70 14-01-28 126.60 15-01-27 92.50
13-01-29 123.30 14-02-04 125.90 15-02-03 96.50
13-02-05 129.20 14-02-11 127.60 15-02-10 101.20
13-02-12 127.70 14-02-18 129.30 15-02-17 103.00
13-02-19 130.50 14-02-25 130.70 15-02-24 103.70
13-02-26 131.20 14-03-04 132.50 15-03-03 112.30
13-03-05 131.20 14-03-11 131.80 15-03-10 108.60
13-03-12 129.90 14-03-18 132.00 15-03-17 105.80
13-03-19 130.10 14-03-25 132.90 15-03-24 107.30
13-03-26 129.40 14-04-01 132.90 15-03-31 107.10
13-04-02 128.70 14-04-08 133.90 15-04-07 108.10
13-04-09 126.50 14-04-15 136.80 15-04-14 107.60
13-04-16 125.00 14-04-22 137.70 15-04-21  
13-04-23 125.10 14-04-29 139.80 15-04-28  
13-04-30 126.30 14-05-06 136.90 15-05-05  
13-05-07 126.00 14-05-13 135.70 15-05-12  
13-05-14 129.30 14-05-20 136.00 15-05-19  
13-05-21 131.40 14-05-27 136.80 15-05-26  
13-05-28 132.90 14-06-03 137.40 15-06-02  
13-06-04 131.10 14-06-10 138.10 15-06-09  
13-06-11 132.90 14-06-17 138.80 15-06-16  
13-06-18 133.10 14-06-24 141.20 15-06-23  
13-06-25 130.50 14-07-01 138.70 15-06-30  
13-07-02 128.30 14-07-08 137.20 15-07-07  
13-07-09 132.40 14-07-15 133.80 15-07-14  
13-07-16 134.40 14-07-22 133.00 15-07-21  
13-07-23 134.70 14-07-29 131.80 15-07-28  
13-07-30 132.70 14-08-05 131.10 15-08-04  
13-08-06 131.50 14-08-12 133.60 15-08-11  
13-08-13 130.00 14-08-19 131.30 15-08-18  
13-08-20 132.00 14-08-26 132.10 15-08-25  
13-08-27 133.00 14-09-02 132.80 15-09-01  
13-09-03 133.90 14-09-09 133.00 15-09-08  
13-09-10 132.10 14-09-16 129.90 15-09-15  
13-09-17 130.60 14-09-23 129.40 15-09-22  
13-09-24 126.40 14-09-30 130.10 15-09-29  
13-10-01 124.30 14-10-07 128.00 15-10-06  
13-10-08 123.60 14-10-14 123.10 15-10-13  
13-10-15 124.80 14-10-21 121.90 15-10-20  
13-10-22 125.50 14-10-28 118.80 15-10-27  
13-10-29 124.40 14-11-04 117.80 15-11-03  
13-11-05 123.70 14-11-11 119.20 15-11-10  
13-11-12 122.60 14-11-18 116.20 15-11-17  
13-11-19 124.60 14-11-25 114.40 15-11-24  
13-11-26 126.40 14-12-02 112.30 15-12-01  
13-12-03 125.40 14-12-09 107.20 15-12-08  
13-12-10 125.90 14-12-16 101.10 15-12-15  
13-12-17 124.50 14-12-23 99.40 15-12-22  
13-12-24 125.00 14-12-30 98.10 15-12-29  
13-12-31 128.30        
 
Table 1: Changes in Fuel Prices
¢/L Week of: 2015-04-14 Change from: Previous  Week Change from: Last Year
Gasoline 107.6 -0.5 -29.2
Diesel 110.5 -1.5 -29.1
Furnace Oil 108.8 -1.2 -20.3
Natural Gas Prices in $CA/GJ
Alberta (NGX) 2.40 -0.08 -2.31
Ontario (Dawn) 3.29 -0.16 -1.93

Source: NRCan, Bloomberg, NGX
 

Table 2: Natural Gas Prices for Vehicles
2015-04-14 ¢/kilogram ¢/L gasoline equivalent ¢/L diesel equivalent
Vancouver 123.6 81.5 84.5
Edmonton 115.0 75.9 78.7
Toronto 128.4 84.7 87.8

Source: ¢/kg Kent Marketing Services Limited

Recent Developments

  • Alberta announced an increase in its fuel tax, effective March 27.  The increase impacts both gasoline and diesel by 4 cents per litre from 9 cents to 13 cents for both fuels. Propane taxes will also increase by 2.9 cents per litre to 9.4 cents per litre. This is the first change to the fuel tax since 1991.  Source: Government of Alberta
  • New Brunswick announced an increase in its fuel tax effective April 1. The fuel tax on gasoline will rise by 1.9 cents per litre to 15.5 cents per litre, and the diesel tax will rise by 2.3 cents per litre to 21.5 cents per litre. Source: Government of New Brunswick
  • January Crude Oil Exports up by 12%: The National Energy Board released its crude oil export data for January 2015, which showed that Canadian exports in January 2015 were 12% higher than in January 2014. Exports of heavy crude made up two-thirds of these exports, and reached 330,000 m3/d (2.1 MMbbl/d), while exports of light crude were 167,000 m3 /d (1.1MMbbl/d). Source: National Energy Board Commodity Statistics

Retail Gasoline Overview

For the period ending April 14, 2015, the  four-week average regular gasoline pump price in selected cities across Canada was $1.07 per litre, the same as reported in the last report of April 8, 2015. Compared to the same period in 2014, the average Canadian pump price is 27 cents per litre lower.

The four-week average crude component increased by 1.2 cents to 41.6 cents compared to two weeks ago. Compared to the same period in 2014, the crude oil price component of gasoline is 31 cents per litre lower.

Retail gasoline prices in most Western centres increased by 1.5 cents per litre compared to the
previous report and ranged from 94 cents per litre to $1.23 per litre. Prices in Eastern cities decreased by 1.6 cents per litre and ranged from $1.01 to $1.18 per litre.

The increase in retail gasoline prices in Western Canada may be partly explained by the increase in the gasoline tax in Alberta, which increased by 4 cents per litre on March 27, 2015.

At the national level, refining and marketing costs and margins decreased by 2 cents per litre to 27 cents per litre compared to the last report two weeks ago.

Figure 3: Regular Gasoline Pump Prices in Selected Cities Four-Week Average (March 17 to April 14, 2015)

Regular Gasoline Pump Prices in Selected Cities Four-Week Average (January 13 to February 3, 2015)

 
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/Prix à la pompe 104.9 113.9 123.2 94.1 99.1 97.4 103.7 117.9 101.4 106.8 105.3 108.6 107.2
Crude (est.) / Brut (est.) 33.3 33.3 33.3 33.3 33.3 33.3 37.3 44.2 44.2 44.2 44.2 44.2 41.6
Federal Taxes / Taxes fédérales 15.0 15.4 15.9 14.5 14.7 14.6 10.0 15.1 10.0 10.0 10.0 10.0 15.4
Provincial Tax / Taxe provinciale 6.2 10.7 32.2 14.0 15.0 14.0 14.7 32.5 13.6 15.5 13.1 16.5 23.1
HST             11.9   11.7 13.9 12.9 12.5  
Refining & Marketing Costs & Margins /  Coûts et 50.4 54.5 41.8 32.3 36.1 35.5 29.7 26.1 21.9 23.2 25.1 25.1 27.1
 

Source: NRCan
* Regulated Markets

Note: Toronto crude oil cost includes pipeline tolls of $4 per barrel for light crude oil from Edmonton to Sarnia, Ontario.

Summer Fuels Outlook

According to its recent Short-Term Energy and Summer Fuels Outlook, the U.S. Energy Information Administration expects that regular-grade gasoline retail prices will decline to an average of $2.45/gal (CAD 81.53 ¢/ L)during the 2015 summer driving season (April through September), down from an average of $3.59/gal (CAD 119.47 ¢/L) last summer. Diesel fuel retail prices are also projected to decline to an average of $2.77/gal (CAD 92.18 ¢/L)this summer, down from an average of $3.89 (CAD 129.45 ¢/L) last summer. These retail price projections reflect slowly rising prices for crude oil, best represented by the Brent crude oil price, which they expect will average about $58/bbl ($1.39/gal) (CAD 73.06, 46.26 ¢/L) this summer compared with an average of $106/bbl ($2.52/gal)(CAD 133.53, 83.86 ¢/L) last summer.

Many of the same factors that are influencing U.S gasoline prices affect Canadian gasoline prices. Based on this EIA analysis, one would expect Canadian prices to remain significantly lower than last summer due to lower oil prices. Differences between gasoline prices in Canada and the United States are largely due to different tax levels. Gasoline taxes are generally higher in Canada , but vary by state and province. Canadian prices will differ from U.S. price, due not only to taxes, but also the Canadian-U.S. dollar exchange rate.

Driven in part by the significant decline in gasoline prices, the EIA projects that during the 2015 summer driving season, projected gasoline consumption will average 9.2 million bbl/d, an increase of 0.14 million bbl/d (1.6%) over last summer. Year-over-year increases in summer highway travel, projected to be 2.5%, are offset by a 0.9% increase in fleet-wide fuel efficiency.

Based on EIA’s gasoline price forecast, the average U.S. household is expected to spend about $700 less on gasoline in 2015 compared with 2014, as annual motor fuel expenditures are on track to fall to their lowest level in 11 years.

Source: U.S. EIA Short Term Outlook and Summer Fuels Report

 

Wholesale Gasoline Prices

For the week ending April 9, 2015, wholesale gasoline prices increased in most Canadian and American cities compared to the previous week.

Wholesale gasoline price changes ranged from an increase of 5 cents to a decrease of 2 cents. Prices for the period ended in the 54 to 63 cent-per-litre range.

In the Eastern markets of Canada and the U.S., wholesale gasoline price changes, compared to the previous week ranged between a decrease of more than 4 cents to an increase of 2 cents per litre and ended in the 54 to 61 cent-per-litre range.

Wholesale gasoline prices in Western centres, decreased between 1.5 cents and 6 cents per litre and ended in the 56 to 63 cent-per-litre range. These decreases brings these prices into a more normal range following the price increases in February that were the result of unplanned refinery outages in California and Washington state, which affected the West Coast in particular.

In the last four weeks, wholesale price changes in selected Canadian and American centres ranged from an increase of 3 cents to a decrease of 7 cents.

 
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 02-Jan-14 83.00 81.60 83.90 81.26 82.40 81.49 72.90 77.05 77.80 72.33
Thu 09-Jan-14 81.80 79.89 81.30 81.25 80.00 81.12 72.60 77.50 75.40 69.37
Thu 16-Jan-14 79.90 78.10 80.80 80.69 79.20 80.27 73.60 78.54 74.50 69.50
Thu 23-Jan-14 83.30 81.27 82.50 80.86 81.50 84.27 75.20 81.56 77.80 72.04
Thu 30-Jan-14 83.60 81.57 82.50 81.27 81.60 83.07 75.90 82.75 77.20 72.24
Thu 06-Feb-14 83.00 81.77 81.00 79.85 80.60 82.00 75.00 82.38 76.40 73.02
Thu 13-Feb-14 85.40 84.58 83.50 82.68 83.50 83.54 77.70 86.24 79.80 74.26
Thu 20-Feb-14 87.30 87.33 84.90 85.83 85.20 88.00 79.60 89.82 80.40 76.56
Thu 27-Feb-14 87.60 87.64 84.60 86.29 85.70 87.43 83.00 89.92 82.60 80.13
Thu 06-Mar-14 85.10 84.56 83.30 84.37 84.20 85.84 84.10 91.11 84.80 81.55
Thu 13-Mar-14 85.90 84.97 83.80 85.80 83.50 86.75 85.30 91.48 85.40 82.23
Thu 20-Mar-14 84.20 86.34 82.40 86.82 82.10 87.62 85.00 91.13 85.70 84.11
Thu 27-Mar-14 83.40 84.62 84.00 84.72 82.80 87.34 85.90 90.80 86.80 85.82
Thu 03-Apr-14 81.90 82.99 83.10 83.94 82.50 87.19 85.30 90.11 85.90 83.37
Thu 10-Apr-14 86.70 82.53 86.50 85.36 86.00 95.70 88.00 91.01 89.40 86.71
Thu 17-Apr-14 90.60 88.47 87.90 88.00 88.70 97.62 88.80 90.24 91.20 88.76
Thu 24-Apr-14 91.30 91.03 90.10 89.26 91.40 99.92 90.50 92.66 94.50 88.79
Thu 01-May-14 87.60 88.06 87.00 86.18 88.80 87.36 88.70 88.15 91.30 83.13
Thu 08-May-14 86.90 87.20 84.80 83.61 86.60 89.49 86.60 87.11 91.00 84.56
Thu 15-May-14 86.50 84.35 85.10 84.57 87.20 86.86 86.90 88.18 92.50 85.56
Thu 22-May-14 88.30 85.62 86.70 85.75 89.30 88.24 88.30 90.07 93.20 88.76
Thu 29-May-14 87.30 85.51 86.80 85.31 89.40 87.46 88.60 90.44 93.60 87.32
Thu 05-Jun-14 84.80 84.40 86.10 82.54 89.80 86.83 90.60 89.57 93.60 88.04
Thu 12-Jun-14 86.10 87.14 86.30 84.73 91.30 88.58 89.80 90.68 95.40 89.01
Thu 19-Jun-14 88.80 87.87 89.70 86.27 93.50 88.82 90.50 91.88 97.40 90.68
Thu 26-Jun-14 87.20 85.34 88.00 82.13 92.30 86.41 87.70 89.10 95.80 89.24
Thu 03-Jul-14 85.20 83.69 86.20 81.51 91.00 83.83 86.10 87.49 92.60 84.50
Thu 10-Jul-14 83.30 85.59 84.00 81.81 88.30 81.79 82.70 85.06 87.10 77.57
Thu 17-Jul-14 83.00 80.56 83.20 80.28 87.00 80.73 81.10 83.27 85.90 80.33
Thu 24-Jul-14 82.80 79.09 82.80 79.34 86.20 79.74 80.00 81.68 85.80 81.44
Thu 31-Jul-14 83.80 87.46 83.40 80.18 86.40 80.24 82.20 83.30 87.80 84.44
Thu 07-Aug-14 81.40 79.26 81.80 80.46 84.90 79.89 81.90 88.04 87.30 86.85
Thu 14-Aug-14 82.60 77.16 82.40 79.65 84.90 78.55 84.30 84.66 87.00 84.17
Thu 21-Aug-14 81.90 79.42 81.70 79.51 83.90 81.73 81.80 85.88 86.20 87.20
Thu 28-Aug-14 83.10 78.90 82.80 80.35 84.40 80.39 82.90 83.88 86.70 83.98
Thu 04-Sep-14 83.10 80.84 83.70 79.15 84.90 82.42 84.60 83.78 87.50 82.30
Thu 11-Sep-14 81.50 76.41 81.80 76.36 81.60 81.51 83.70 81.38 84.00 76.59
Thu 18-Sep-14 80.60 77.81 80.50 74.98 80.70 79.17 81.60 80.84 82.80 71.42
Thu 25-Sep-14 83.60 78.95 83.50 80.27 83.20 82.88 82.40 84.63 81.10 74.90
Thu 02-Oct-14 81.10 79.27 80.70 78.81 80.80 77.62 80.70 77.68 79.00 70.20
Thu 09-Oct-14 76.90 79.26 76.00 68.83 75.10 72.60 76.90 75.00 73.00 62.09
Thu 16-Oct-14 72.80 80.09 71.40 71.13 70.90 73.39 71.60 77.11 68.80 60.12
Thu 23-Oct-14 73.00 79.88 71.20 68.07 71.40 73.20 71.00 84.35 68.90 61.00
Thu 30-Oct-14 72.80 67.77 72.30 68.97 73.10 71.65 70.00 74.62 71.90 62.09
Thu 06-Nov-14 68.60 67.60 68.40 68.48 69.50 72.40 70.10 69.67 71.40 67.60
Thu 13-Nov-14 69.50 65.75 69.90 65.51 70.50 69.41 69.90 62.53 74.60 68.81
Thu 20-Nov-14 68.20 65.89 68.10 64.70 68.40 70.32 65.70 62.55 70.30 64.40
Thu 27-Nov-14 67.50 65.06 67.70 65.72 68.10 70.63 63.70 62.26 65.70 59.13
Thu 04-Dec-14 61.90 58.14 62.40 58.98 62.70 62.97 59.20 56.59 60.20 51.92
Thu 11-Dec-14 55.60 52.87 57.20 53.75 57.10 58.20 55.70 53.10 54.70 44.73
Thu 18-Dec-14 53.90 50.11 55.60 52.37 55.80 56.36 52.20 48.09 54.70 42.88
Thu 25-Dec-14 54.20 51.09 55.70 52.54 56.30 57.54 52.10 47.32 55.20 44.15
Thu 01-Jan-15 50.20 45.88 51.30 47.82 51.70 52.04 47.20 42.25 51.20 41.16
Thu 08-Jan-15 46.90 43.19 50.60 44.81 47.30 48.09 45.00 42.87 48.50 40.72
Thu 15-Jan-15 46.60 42.30 50.30 43.50 47.20 46.68 44.20 43.28 47.00 37.04
Thu 22-Jan-15 47.20 45.26 50.50 45.67 47.20 49.64 43.90 45.92 47.00 39.15
Thu 29-Jan-15 48.20 47.00 51.00 48.37 48.00 50.44 48.40 48.80 48.80 42.85
Thu 05-Feb-15 52.90 50.65 54.60 51.75 52.20 54.13 52.10 53.44 54.60 50.12
Thu 12-Feb-15 56.20 53.56 57.40 54.19 55.40 57.51 56.70 56.48 59.40 53.76
Thu 19-Feb-15 55.60 55.91 57.70 54.23 55.40 58.78 54.70 60.87 60.40 57.33
Thu 26-Feb-15 60.80 57.71 62.30 58.17 60.20 62.69 58.60 65.23 70.30 68.96
Thu 05-Mar-15 61.20 56.75 63.80 57.62 61.20 62.49 56.30 65.32 71.60 63.08
Thu 12-Mar-15 59.30 55.45 62.70 56.74 62.36 62.36 58.20 63.71 66.40 59.34
Thu 19-Mar-15 57.90 54.71 61.40 55.89 58.30 60.60 63.00 63.29 65.20 59.76
Thu 26-Mar-15 58.10 58.24 62.00 57.84 58.90 60.60 60.10 64.71 66.30 63.29
Thu 02-Apr-15 59.60 58.97 63.70 57.44 60.80 58.31 57.10 59.91 66.20 59.80
Thu 09-Apr-15 59.60 54.12 60.70 58.63 57.80 60.01 55.90 58.28 63.30 59.94
 

Sources: NRCan, Bloomberg Oil Buyers Guide

Gasoline Refining and Marketing Margins

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

Refining margins have been increasing steadily since the beginning of the year; however have recently begun to decline slightly, in response to downward pressure on wholesale gasoline prices.  Nationally, refining margins have declined by 1.5 cents from the previous report, to reach 21 cents per litre.

Nationally, marketing margins have been steady over the past several weeks, hovering around an average of 9 cents per litre. Marketing margins can vary quite substantially by region, as shown in the individual centres, and range from 6 cents to 12 cents per litre.

 
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
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
2013-06-18 8.5 22.7 7.5 29.4 9.9 36.5 7.4 23.5 9.0 13.0 8.2 11.5
2013-01-01 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
2013-06-18 8.5 22.7 7.5 29.4 9.9 36.5 7.4 23.5 9.0 13.0 8.2 11.5
2013-10-22 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 4.0 21.0 7.5 20.0 6.8 26.3 5.6 8.2 6.9 7.3
2014-01-07 7.7 16.4 5.2 20.8 7.6 18.6 7.4 25.3 4.7 8.1 6.3 7.4
2014-01-14 7.3 16.7 5.5 21.2 6.8 19.7 7.6 25.6 4.1 8.7 5.8 8.1
2014-01-21 7.9 16.3 5.2 20.1 7.0 19.4 7.6 24.3 6.4 8.1 6.6 7.7
2014-01-28 7.9 15.6 6.6 20.1 6.7 20.1 8.7 24.1 7.8 6.9 7.4 6.7
2014-02-04 7.6 16.1 5.5 20.0 6.7 21.3 8.0 24.2 8.2 6.5 8.1 6.7
2014-02-11 7.3 16.4 5.0 16.9 6.1 18.0 8.0 20.7 7.8 6.5 7.6 7.3
2014-02-18 7.0 15.0 4.6 16.4 6.7 17.7 7.9 20.3 6.6 7.2 7.6 8.7
2014-02-25 6.5 14.3 4.3 12.5 6.5 14.3 7.8 16.8 5.1 8.2 7.4 10.2
2014-03-04 6.3 14.1 4.0 11.8 6.7 13.3 7.2 15.0 5.0 9.1 7.4 11.6
2014-03-11 6.7 12.6 4.7 14.0 7.3 16.0 7.1 16.0 5.3 9.1 8.8 11.2
2014-03-18 7.1 13.3 5.9 15.3 6.5 17.9 7.6 15.7 6.3 8.5 9.6 10.4
2014-03-25 7.7 14.3 6.8 19.7 7.4 22.1 7.8 18.0 6.6 8.4 9.6 9.7
2014-04-01 8.1 15.1 8.3 21.5 7.3 24.1 8.4 18.9 7.0 8.4 9.4 8.7
2014-04-08 8.1 16.6 8.3 22.4 8.1 24.5 8.5 19.0 6.8 9.5 8.4 9.3
2014-04-15 7.8 18.2 8.5 23.7 9.0 24.9 8.4 20.3 5.8 11.1 7.1 11.0
2014-04-22 7.8 18.9 8.6 24.4 8.5 25.2 8.6 21.3 5.7 11.5 7.2 12.1
2014-04-29 8.0 20.0 8.7 26.0 9.3 26.1 8.7 23.0 5.9 12.2 8.2 13.2
2014-05-06 8.4 20.3 9.0 26.7 9.6 26.3 8.8 23.7 6.4 12.3 9.4 14.0
2014-05-13 8.7 19.8 8.4 27.4 9.9 26.0 8.5 23.5 7.4 11.5 10.0 13.3
2014-05-20 8.6 19.6 8.1 27.2 9.7 25.2 8.2 22.9 8.0 11.0 9.6 12.3
2014-05-27 8.0 19.4 7.7 27.2 7.9 24.8 7.8 22.5 8.0 10.8 8.4 12.1
2014-06-03 7.7 18.8 7.4 26.4 7.4 23.9 7.7 21.4 8.1 10.6 8.1 11.3
2014-06-10 7.4 19.4 7.3 26.4 6.9 24.3 7.6 22.0 7.7 11.2 7.8 11.3
2014-06-17 7.3 19.8 7.1 26.9 6.8 24.7 7.3 23.0 7.6 10.8 7.7 10.7
2014-06-24 7.8 19.9 7.3 28.5 8.6 25.7 7.7 24.8 7.6 11.0 8.0 10.5
2014-07-01 7.8 20.7 6.9 29.1 9.3 25.1 7.3 25.8 6.9 11.3 7.8 10.7
2014-07-08 8.2 20.0 7.7 28.0 10.0 24.0 7.7 25.6 7.1 10.8 8.2 10.3
2014-07-15 8.6 19.4 7.6 27.9 11.4 23.8 7.8 26.4 6.9 12.2 8.9 11.6
2014-07-22 8.4 19.0 7.3 26.2 11.2 22.4 7.1 25.6 7.2 11.6 8.7 11.3
2014-07-29 8.3 18.4 7.9 25.1 9.9 22.0 7.4 25.2 7.1 11.1 8.3 11.0
2014-08-05 7.9 18.2 7.6 24.6 8.9 21.6 7.2 24.4 7.2 10.4 8.1 10.4
2014-08-12 8.0 18.4 8.1 25.1 9.7 21.8 7.3 24.4 7.8 10.3 7.6 10.5
2014-08-19 8.6 17.8 8.3 25.2 10.5 22.3 7.3 24.2 7.0 10.1 7.8 10.4
2014-08-26 8.6 18.6 8.1 25.9 11.4 23.4 6.9 24.5 7.5 11.3 7.2 11.6
2014-09-02 8.4 19.5 7.9 26.6 11.8 24.5 6.8 24.7 7.4 12.2 7.0 12.5
2014-09-09 8.5 19.6 7.6 26.4 10.1 25.2 7.1 24.1 7.6 13.4 7.5 13.3
2014-09-16 8.0 20.1 8.2 25.4 8.5 25.4 7.6 22.9 7.7 13.4 7.8 13.3
2014-09-23 8.2 19.3 8.3 24.1 7.8 24.8 8.0 21.8 7.8 13.8 8.1 13.7
2014-09-30 8.1 19.2 8.6 22.2 7.5 24.4 7.9 21.6 7.3 14.3 8.0 14.2
2014-10-07 8.4 18.1 9.2 20.2 9.2 23.7 7.6 20.8 7.2 14.5 8.9 14.9
2014-10-14 8.8 17.0 8.6 17.9 11.0 22.1 7.7 19.2 8.0 13.2 9.6 13.9
2014-10-21 9.2 15.7 9.2 17.7 12.4 23.0 7.7 20.4 8.8 14.5 9.3 15.4
2014-10-28 9.6 13.4 8.5 16.5 13.8 21.1 8.0 18.8 9.2 12.5 9.6 13.5
2014-11-04 9.3 15.2 8.1 18.5 12.3 22.2 8.4 19.9 9.4 11.5 8.9 12.3
2014-11-11 9.2 16.2 8.3 19.7 10.5 21.9 8.7 20.2 9.9 10.6 7.5 11.1
2014-11-18 9.2 16.4 8.4 22.4 10.7 22.9 8.8 21.4 9.1 11.0 8.5 11.3
2014-11-25 9.2 16.8 9.4 22.7 10.9 22.7 8.7 21.4 9.4 10.8 8.3 11.0
2014-12-02 9.4 16.8 9.4 22.9 11.8 22.4 8.8 22.2 9.1 13.1 8.5 12.9
2014-12-09 9.7 15.7 9.9 19.4 13.2 19.6 8.8 20.1 8.9 11.5 9.4 11.1
2014-12-16 9.5 14.2 9.5 19.2 12.5 20.2 8.5 20.9 9.1 12.5 9.3 11.7
2014-12-23 9.4 13.8 9.5 18.3 11.8 19.4 8.8 20.1 9.1 11.9 9.0 10.4
2014-12-30 9.6 12.9 9.8 17.5 11.8 18.4 8.9 19.0 9.7 10.3 9.0 8.9
2015-01-06 9.4 12.5 9.7 18.1 11.3 18.3 9.1 18.9 8.8 11.2 9.0 9.0
2015-01-13 9.6 13.0 10.1 17.6 10.7 17.1 9.4 17.8 8.9 11.6 9.0 8.9
2015-01-20 9.5 12.9 9.9 17.1 10.9 16.7 9.4 17.1 8.3 12.1 8.8 9.0
2015-01-27 8.7 13.9 9.4 17.2 8.9 17.4 9.3 17.0 7.0 12.7 7.9 9.2
2015-02-03 7.6 16.1 8.6 18.9 7.5 19.3 8.5 18.3 5.7 14.0 6.1 11.0
2015-02-10 7.5 17.2 8.6 19.3 7.6 19.6 8.6 18.0 5.5 11.8 5.4 9.4
2015-02-17 7.6 18.0 9.3 21.9 7.6 21.9 9.0 19.4 5.3 12.5 5.8 10.6
2015-02-24 7.8 18.5 10.1 23.7 8.6 22.5 9.3 20.0 5.0 12.0 6.2 10.4
2015-03-03 9.5 19.1 11.3 27.3 10.8 23.7 10.2 21.7 7.7 13.2 7.7 11.6
2015-03-10 9.5 20.2 10.5 30.6 11.0 24.4 10.1 23.6 7.3 14.5 8.9 12.6
2015-03-17 9.4 20.9 9.7 32.1 9.7 24.7 9.6 24.4 8.3 15.8 9.9 13.4
2015-03-24 8.7 24.4 5.8 38.0 12.5 27.0 6.2 29.2 6.7 19.6 6.1 16.9
2015-03-24 8.7 24.4 5.8 38.0 12.5 27.0 6.2 29.2 6.7 19.6 6.1 16.9
2015-03-31 8.6 21.9 9.7 30.1 10.5 24.7 8.6 23.6 9.0 16.9 9.7 13.7
2015-04-07 8.8 21.7 8.4 29.8 9.9 23.8 8.2 24.2 9.5 18.5 10.6 14.5
2015-04-14 8.8 19.4 9.5 27.0 5.6 20.8 9.3 21.4 9.2 16.9 11.6 13.1
 

Source: NRCan

Crude Oil Overview

Prices remain relatively unchanged

For the week ending April 10, 2015, prices for the three light crude benchmarks averaged between $380.52/m3 and $452.51/m3 (US$48.30 and US$57.44 per barrel).

Compared to the previous week all three light crude benchmarks increased in the range of $11.77/m3 and $28.82/m3(US$ 2.02 and US$ 4.07 per barrel). Canadian light crude oil prices at Edmonton increased by $28.82/m3 (US$ 4.07 per barrel) from the previous week, while WTI increased by $21.86/m3 (US$ 3.23 per barrel).

Canadian light crude oil prices remain significantly cheaper than imported global crudes. Currently Canadian light is $3.55 per barrel less than Brent.

The Western Canada Select crude oil price increased by $27.99/m3 ($US 3.89 per barrel) from the previous week, and has decreased by $177/m3 ($US37 per barrel) compared to last year.

Canadian heavy crude differentials tightened to their narrowest level since June 2013 this week, helped by improved market access and strengthening seasonal demand.

U.S. EIA data released on April 8 indicates that U.S. oil inventories rose in the week ending April 3 by 10.9 million barrels to a record 482 million barrels. This represents the largest weekly increase in over a decade.

Figure 6: Crude Oil Price Comparisons

Crude Oil Price Comparison

 
Text version

Figure 6

This graph shows crude oil prices for Canadian Light Sweet, WTI, Brent and WCS. The average weekly prices for the period ending April 10, 2015, were $381/cubic metres, $408/cubic metres, $453/cubic metres and $315/cubic metres for the Canadian Light, WTI, Brent and WCS, respectively.

Dates (Canadian Light Sweet) WTI Brent WCS
01/13 549.97 592.14 699.83 387.55
02/13 553.76 605.29 736.06 370.93
03/13 560.66 598.93 705.36 430.10
04/13 571.20 590.06 663.78 441.27
05/13 598.81 608.31 662.59 519.16
06/13 577.25 630.51 680.52 489.10
07/13 664.03 685.36 703.73 592.16
08/13 665.21 697.44 722.47 595.65
09/13 647.06 691.84 723.16 543.60
10/13 592.41 655.54 713.92 483.77
11/13 511.65 620.13 711.21 413.23
12/13 524.69 655.42 740.65 394.48
01/14 561.87 651.27 735.43 452.06
02/14 665.35 699.89 756.56 566.93
03/14 655.67 701.90 752.47 554.81
04/14 647.62 704.92 747.57 550.77
05/14 652.85 697.62 748.13 566.87
06/14 665.50 715.93 762.22 589.57
07/14 629.45 690.70 730.08 558.81
08/14 606.25 660.32 710.46 507.84
09/14 608.92 644.03 681.65 515.00
10/14 551.84 594.78 621.20 497.90
11/14 474.20 540.12 569.75 447.90
12/14 378.11 430.68 459.36 313.77
01/15 304.92 359.85 377.71 232.32
02/15 350.67 399.16 461.37 287.18
03/15 339.32 396.42 474.00 284.72
April 3, 2015 351.70 386.16 440.75 286.75
April 10, 2015 380.52 408.01 452.51 314.75
 

Sources: NRCan

Changes in Crude Oil Prices
Crude Oil Types Week Ending:
2015-04-10
Change From:
Previous Week
Change From:
Last Year
$Can/
m3
$US/
bbl
$Can/
m3
$US/
bbl
$Can/
m3
$US/
bbl
Canadian Light 380.52 48.30 +28.82 +4.07 -216.32 -45.13
WTI 408.01 51.79 +21.86 +3.23 -198.46 -43.15
Brent 452.51 57.44 +11.77 +2.02 -236.10 -50.36
WCS 314.75 39.95 +27.99 +3.89 -176.57 -36.96

Source: NRCan

 

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