Fuel Focus, January 22, 2016

Table of Contents


National Overview

Canadian Retail Gasoline Prices Decreased by 6 Cents Over the Last Two Weeks

For the two-week period ending January 19, 2016, the Canadian average retail gasoline price was $0.95 per litre, a decrease of 6.4 cents from the two-week period ending January 5, 2016. Prices are 4 cents per litre higher than the same period last year.

Average retail diesel prices decreased by4 cents per litre over the same time period to $0.95 per litre. This is 16 cents less compared to the same period last year.  Over the same period, furnace oil prices decreased by 1 cent to reach $0.93 per litre, 15 cents per litre less than 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 January 19, 2016 at 93.7 cents per litre, excluding taxes at 56.6 cents per litre, Canadian Light Sweet at 23.9 cents per litre and Brent at 27.5 cents per litre.

Dates Gasoline at retail Excluding Taxes Canadian Light Sweet Brent crude
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
2015-04-21 109.70 72.8 40.5 46.8
2015-04-28 111.40 71.0 40.7 48.9
2015-05-05 114.5 75.3 41.8 49.9
2015-05-12 113.0 74.0 44.3 50.5
2015-05-19 113.6 74.6 44.5 50.1
2015-05-26 117.4 78.0 44.5 50.2
2015-06-02 119.0 79.4 44.6 49.8
2015-06-09 118.2 78.7 46.3 50.1
2015-06-16 123.6 83.7 46.0 50.0
2015-06-23 122.1 82.3 45.9 49.2
2015-06-30 120.6 80.9 44.4 49.4
2015-07-07 122.1 82.2 42.8 49.0
2015-07-14 123.5 83.5 38.1 46.0
2015-07-21 122.2 82.3 39.1 46.6
2015-07-28 118.4 78.9 36.5 45.8
2015-08-04 117.6 78.1 34.6 43.4
2015-08-11 114.5 75.5 30.3 40.7
2015-08-18 118.8 79.5 28.8 39.0
2015-08-25 114.1 75.3 29.0 37.8
2015-09-01 110.6 72.0 35.6 42.5
2015-09-08 108.9 70.4 35.1 40.4
2015-09-15 107.1 68.7 35.2 39.3
2015-09-22 106.1 67.9 35.2 39.3
2015-09-29 106.8 68.6 35.5 40.6
2015-10-06 105.7 67.6 35.2 40.2
2015-10-13 106.7 68.5 36.9 42.3
2015-10-20 104.6 66.7 37.8 40.0
2015-10-27 104.1 66.1 34.8 39.7
2015-11-03 107.2 68.9 35.4 40.1
2015-11-10 109.4 70.9 36.1 40.3
2015-11-17 104.8 66.7 33.6 38.1
2015-11-24 103.6 65.6 32.1 37.1
2015-12-01 104.7 66.5 31.9 38.1
2015-12-08 100.7 62.9 31.2 36.7
2015-12-15 101.3 63.5 28.3 34.0
2015-12-22 102.7 64.9 27.7 32.6
2015-12-29 102.1 64.3 28.4 32.3
2016-01-05 101.3 63.4 29.1 32.3
2016-01-12 96.8 59.4 26.6 30.5
2016-01-19 93.7 56.5 23.9 27.5

Figure 2: Weekly Regular Gasoline Prices
Weekly Regular Gasoline Prices

Text version

Figure 2

This graph shows the gasoline price trends from 2014 to 2016.

Date 2014 Gasoline at Retail Date 2015 Gasoline at Retail Date 2016 Gasoline at Retail
14-01-07 125.00 15-01-06 95.00 16-01-05 101.30
14-01-14 125.60 15-01-13 91.50 16-01-12 96.80
14-01-21 125.70 15-01-20 91.30 16-01-19 93.70
14-01-28 126.60 15-01-27 92.50 16-01-26  
14-02-04 125.90 15-02-03 96.50 16-02-02  
14-02-11 127.60 15-02-10 101.20 16-02-09  
14-02-18 129.30 15-02-17 103.00 16-02-16  
14-02-25 130.70 15-02-24 103.70 16-02-23  
14-03-04 132.50 15-03-03 112.30 16-03-01  
14-03-11 131.80 15-03-10 108.60 16-03-08  
14-03-18 132.00 15-03-17 105.80 16-03-15  
14-03-25 132.90 15-03-24 107.30 16-03-22  
14-04-01 132.90 15-03-31 107.10 16-03-29  
14-04-08 133.90 15-04-07 108.10 16-04-05  
14-04-15 136.80 15-04-14 107.60 16-04-12  
14-04-22 137.70 15-04-21 109.70 16-04-19  
14-04-29 139.80 15-04-28 111.40 16-04-26  
14-05-06 136.90 15-05-05 114.50 16-05-03  
14-05-13 135.70 15-05-12 113.00 16-05-10  
14-05-20 136.00 15-05-19 113.60 16-05-17  
14-05-27 136.80 15-05-26 117.40 16-05-24  
14-06-03 137.40 15-06-02 119.00 16-05-31  
14-06-10 138.10 15-06-09 118.20 16-06-07  
14-06-17 138.80 15-06-16 123.60 16-06-14  
14-06-24 141.20 15-06-23 122.10 16-06-21  
14-07-01 138.70 15-06-30 120.60 16-06-28  
14-07-08 137.20 15-07-07 122.10 16-07-05  
14-07-15 133.80 15-07-14 123.50 16-07-12  
14-07-22 133.00 15-07-21 122.20 16-07-19  
14-07-29 131.80 15-07-28 118.40 16-07-26  
14-08-05 131.10 15-08-04 117.60 16-08-02  
14-08-12 133.60 15-08-11 114.50 16-08-09  
14-08-19 131.30 15-08-18 118.80 16-08-16  
14-08-26 132.10 15-08-25 114.10 16-08-23  
14-09-02 132.80 15-09-01 110.60 16-08-30  
14-09-09 133.00 15-09-08 108.90 16-09-06  
14-09-16 129.90 15-09-15 107.10 16-09-13  
14-09-23 129.40 15-09-22 106.10 16-09-20  
14-09-30 130.10 15-09-29 106.80 16-09-27  
14-10-07 128.00 15-10-06 105.70 16-10-04  
14-10-14 123.10 15-10-13 106.70 16-10-11  
14-10-21 121.90 15-10-20 104.60 16-10-18  
14-10-28 118.80 15-10-27 104.10 16-10-25  
14-11-04 117.80 15-11-03 107.20 16-11-01  
14-11-11 119.20 15-11-10 109.40 16-11-08  
14-11-18 116.20 15-11-17 104.80 16-11-15  
14-11-25 114.40 15-11-24 103.60 16-11-22  
14-12-02 112.30 15-12-01 104.70 16-11-29  
14-12-09 107.20 15-12-08 100.70 16-12-06  
14-12-16 101.10 15-12-15 101.30 16-12-13  
14-12-23 99.40 15-12-22 102.70 16-12-20  
14-12-30 98.10 15-12-29 102.10 16-12-27  
Table 1: Changes in Fuel Prices
¢/L Two week average ending: 2016-01-19 Change from: 2 weeks ago Change from: Last Year
Gasoline 95.3 -6.4 +3.8
Diesel 94.9 -3.6 -15.8
Furnace Oil 92.8 -1.3 -14.8
Natural Gas Prices in $CA/GJ
Alberta (NGX) 2.34 +0.06 -0.27
Ontario (Dawn) 3.31 +0.50 -0.24

Source: NRCan, Bloomberg, NGX

Table 2: Natural Gas Prices for Vehicles
2016-01-19 ¢/kilogram ¢/L gasoline equivalent ¢/L diesel equivalent
Vancouver 120.1 79.2 82.1
Edmonton 115.0 75.9 78.7
Toronto 128.4 84.7 87.8

Source: ¢/kg Kent Marketing Services Limited

Recent Developments

  • U.S. Energy Information Administration Projects Oversupply of Crude Oil Until 2017
    On January 12, 2016, the U.S. Energy Information Administration (EIA) released its Short Term Energy Outlook. The EIA projects Brent crude oil prices to average $40 in 2016 and $50 in 2017, and prices for West Texas Intermediate to average $38 in 2016 and $47 in 2017. The EIA projects that global crude oil inventories will grow by 0.7 million barrels per day (bpd) in 2016, compared to a 1.9 million bpd increase in 2015. They project global production will continue to increase by 220,000 bpd in 2016 and 760,000 bpd in 2017, as increasing OPEC production offsets a decline in non-OPEC production, primarily in the U.S., the North Sea and Russia.
  • International Energy Agency Oil Market Report
    On January 19, 2016 the International Energy Agency (IEA) released its monthly Oil Market Report (OMR). The report notes that non-OPEC oil production is proving more resilient than expected in the face of lower oil prices. In 2015 non-OPEC production grew by 1.4 million barrels per day and output for the fourth quarter was revised upwards by 280,000 barrels per day since the December OMR. Total non-OPEC production was 57.6 million barrels in 2015. However, the IEA projects that non-OPEC production will decline by 600,000 barrels per day to 57 million barrels per day in 2016.
     
  • C.D Howe report on the Future of Canadian Energy Policy
    On January 7, the C.D. Howe Institute released the report, The Future of Canadian Energy Policy. The report examines key policy issues facing the Canadian energy sector and recommends areas which the provincial and federal governments should focus on in 2016. The report recommends that policymakers act to provide: a competitive resource tax and fiscal regime; competitive electricity prices; a robust and prompt regulatory system; collaborative carbon policies at the federal and provincial levels; and a framework to engage an innovative energy sector.

Retail Gasoline Overview

For the period ending January 19, 2015, regular gasoline pump prices in selected cities across Canada fell to $0.99 per litre compared to the previous report of January 5, 2016. Compared to the same period in 2015, the average Canadian pump price is 3 cents per litre higher.

The four-week-average crude oil component of gasoline decreased by 2 cents, averaging 29 cents over the period. This is 11 cents per litre lower than this time last year.

Retail gasoline prices in Western centres decreased by 4 cents per litre compared to the previous report and ranged from $0.85 per litre to $1.16 per litre. Prices in Eastern cities decreased by 2 cents per litre and ranged from $0.94 to $1.05 per litre.

At the national level, refining and marketing costs and margins were 32.5 cents per litre, 1.4 cents lower than in the previous report and 15 cents higher than the same time last year.

Figure 3: Regular Gasoline Pump Prices in Selected Cities Four-Week Average (December 29, 2015 to January 19, 2016)

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.

Note that effective this report, transportation costs are included in the crude oil estimate for Vancouver (2 cents per litre), Toronto, (4 cents per litre), and Atlantic Canada and Quebec (3 cents per litre)

  Whitehorse Yellowknife Vancouver Calgary Regina Winnipeg Toronto Montreal* Saint John* Halifax* Charlottetown* St. John's* Canada
Pump Price 99.9 110.3 116.1 85.3 86.1 86.3 97.4 104.8 94.6 94.7 94.5 94.4 98.5
Crude (est.) 27.0 27.0 29.5 27.0 27.0 27.0 32.0 34.4 34.4 34.4 34.4 34.4 28.5
Federal Taxes 14.8 15.3 15.5 14.1 14.1 14.1 10.0 14.5 10.0 10.0 10.0 10.0 14.9
Provincial Tax 6.2 10.7 32.2 13.0 15.0 14.0 14.7 31.6 15.5 15.5 13.1 16.5 22.6
HST             11.2   10.9 12.3 11.6 10.9  
Refining & Marketing Costs & Margins 51.9 57.3 38.9 31.2 30.0 31.2 29.5 24.3 23.8 22.4 25.4 22.6 32.5

Source: NRCan
* Regulated Markets

Note: An estimate of crude oil transportation costs is included in the crude oil estimate for Vancouver (2 cents per litre), Toronto, (4 cents per litre), and Atlantic Canada and Quebec (3 cents per litre)

Wholesale Gasoline Prices

For the two week period ending January 14, 2016, wholesale gasoline prices across selected North American cities trended downward. Prices were especially down in Edmonton and Vancouver where they decreased by 24%.

Wholesale gasoline prices for the two week period averaged between 38 and 52 cents per litre. This compares to the previous two week period where prices were in the 49 to 65 cents per litre range.

In Western cities, wholesale gasoline prices decreased between 8 and 15 cents per litre ending in the 38 to 50 cents per litre range.

Price changes in Eastern Canada and the U.S. ranged between a decrease of 12 cents to an increase of 1 cent per litre ending in the 43 to 52 cents per litre range.

Wholesale prices are lower than last year in most markets, with the exception of Vancouver, Toronto and Buffalo where prices are 3 cents per litre above last year.

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 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 59.80 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
Thu 16-Apr-15 62.10 63.74 65.30 63.38 63.10 63.81 59.20 63.94 68.60 64.41
Thu 23-Apr-15 60.70 64.33 64.20 62.59 62.20 64.43 57.80 63.33 68.60 66.20
Thu 30 Apr-15 61.70 65.85 64.70 63.49 63.50 65.56 57.40 65.51 72.60 70.92
Thu 7 May-15 63.50 63.07 66.60 61.79 65.20 63.39 60.20 63.71 73.80 67.87
Thu 14 May-15 63.30 65.00 66.20 64.04 65.20 65.64 60.70 66.92 72.90 70.76
Thu 21-May-15 66.80 64.92 69.10 64.28 68.40 64.92 65.00 67.13 75.70 72.83
Thu 28-May-15 65.70 63.55 68.50 63.23 67.90 64.52 62.90 69.68 74.60 70.32
Thu 04-Jun-15 69.00 66.58 71.90 64.27 71.40 66.25 68.20 72.51 71.20 70.54
Thu 11-Jun-15 71.00 69.89 73.30 69.08 73.70 71.22 72.40 78.00 79.90 78.13
Thu 18-Jun-15 70.30 68.14 72.70 67.49 73.80 69.44 71.70 74.98 81.20 78.24
Thu 25-Jun-15 68.90 65.15 71.20 64.18 72.90 66.12 69.00 71.60 78.60 75.15
Thu 02-Jul-15 70.50 65.89 72.40 65.23 74.20 66.54 68.90 73.39 76.80 73.39
Thu 9-Jul-15 72.30 69.94 73.70 68.60 74.60 68.26 68.70 78.01 76.60 79.02
Thu 16-Jul-15 65.40 65.29 68.50 64.60 71.10 65.97 67.40 86.48 77.10 76.57
Thu 23-Jul-15 65.80 64.02 69.30 62.65 71.50 65.40 69.90 81.58 77.60 74.35
Thu 30-Jul-15 63.80 63.32 67.20 62.28 69.20 63.66 68.50 77.08 75.60 72.95
Thu 06-Aug-15 61.80 58.98 65.60 59.33 67.40 61.06 68.60 75.98 73.50 65.57
Thu 13-Aug-15 64.90 61.15 68.10 61.84 69.10 62.88 81.80 87.41 74.20 69.79
Thu 20-Aug-15 58.20 54.94 61.90 55.63 62.50 58.05 71.10 72.56 70.60 63.58
Thu 27-Aug-15 51.80 52.64 55.30 54.73 55.50 54.73 56.70 64.15 62.30 58.92
Thu 03-Sep-15 58.60 55.09 62.50 60.67 62.30 60.67 62.20 64.51 64.80 55.44
Thu 10-Sep-15 55.40 52.73 58.70 55.18 58.00 57.62 59.80 62.51 59.50 48.89
Thu 17-Sep-15 53.30 51.21 56.70 52.25 56.10 56.43 64.20 64.44 58.00 50.51
Thu 24-Sep-15 54.10 51.85 57.10 52.20 56.70 55.02 66.20 67.01 60.50 49.73
Thu 01-Oct-15 54.70 51.42 57.80 53.17 57.50 55.27 71.80 71.36 58.20 45.83
Thu 08-Oct-15 54.00 50.55 58.00 52.62 57.10 55.71 69.90 73.59 58.80 49.18
Thu 15-Oct-15 52.00 50.11 55.50 48.75 54.60 51.47 60.70 64.09 59.80 49.09
Thu 22-Oct-15 50.60 50.83 55.20 50.13 54.50 52.55 62.00 59.81 59.30 47.02
Thu 29-Oct-15 52.50 51.14 56.90 51.84 56.60 52.88 63.80 59.84 63.00 52.54
Thu 05-Nov-15 55.20 51.13 59.50 52.87 59.70 53.57 66.50 58.09 71.90 56.70
Thu 05-Nov-15 55.20 51.13 59.50 52.87 59.70 53.57 66.50 58.09 71.90 56.70
Thu 12-Nov-15 53.20 49.57 57.60   58.40 51.32 58.20 49.92 68.10 49.57
Thu 26-Nov-15 54.60 51.65 59.40 53.41 59.70 55.86 51.80 51.30 69.40 49.54
Thu 03-Dec-15 50.60 52.01 55.20 52.72 55.80 52.72 48.30 49.18 65.70 49.89
Thu 10-Dec-15 49.00 52.81 53.80 50.65 53.40 51.73 50.60 51.01 63.70 51.01
Thu 17-Dec-15 50.30 54.25 55.10 50.93 54.80 51.30 50.60 50.93 67.10 57.94
Thu 24-Dec-15 50.30 50.11 55.40 50.11 55.20 50.47 52.50 49.01 67.80 58.89
Thu 31-Dec-15 50.20 48.63 55.30 48.63 55.20 50.09 52.30 50.09 65.00 51.19
Thu 07-Jan-16 47.30 54.60 53.10 46.43 53.70 50.89 45.20 44.57 59.20 39.75
Thu 14-Jan-16 44.20 42.91 49.60 44.80 50.10 52.02 40.00 41.77 49.70 37.59

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 refer to the difference between the price of crude oil and the wholesale price at which the refiner can sell gasoline. The margin includes the cost associated with refining the product as well as a profit for the refiner.

The gasoline marketing margins represent the difference between the wholesale and retail prices of gasoline. This margin pays for the costs associated with operating a service station.

Nationally, the four-week rolling average refining margin for the period ending January 19, 2016 was 24.3 cents per litre, a decrease of 2 cents per litre over the past two weeks. Compared to the same time last year, margins in Canada are 11 cents per litre higher.

Overall, the national average for marketing margins has been steady remaining at an average of 8 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
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 9.5 22.6 8.2 34.7 9.2 27.1 8.6 26.2 9.2 16.8 10.3 13.9
2015-03-31 8.6 22.3 7.5 33.3 7.6 27.3 8.0 25.7 8.4 17.3 10.9 13.9
2015-04-07 8.6 22.4 7.9 31.2 7.2 26.5 7.9 24.4 9.1 17.2 10.6 13.4
2015-04-14 8.7 21.9 8.3 30.1 7.4 25.1 8.1 23.5 9.2 17.1 10.6 13.2
2015-04-21 8.6 20.7 9.2 27.3 7.5 21.7 8.5 21.4 8.7 16.4 10.6 12.6
2015-04-28 8.8 20.0 9.0 27.3 7.8 19.6 8.4 21.2 8.6 16.0 10.6 12.3
2015-05-05 9.2 19.6 9.6 28.2 6.8 18.9 8.8 21.2 8.3 15.7 10.5 12.4
2015-05-12 9.3 19.2 9.7 29.7 7.9 19.0 8.8 21.8 7.8 15.8 11.0 12.5
2015-05-19 9.2 19.3 10.0 29.6 7.0 18.5 9.1 21.2 7.9 16.0 11.1 12.9
2015-05-26 9.0 20.1 10.3 30.0 7.1 19.7 9.0 21.9 7.9 17.0 10.6 14.0
2015-06-02 9.8 20.0 10.6 29.1 9.4 19.5 9.7 21.3 8.9 17.1 11.3 14.1
2015-06-09 9.9 20.7 10.0 29.6 9.9 20.9 9.6 22.4 9.2 18.2 10.9 15.4
2015-06-16 10.2 22.6 10.1 30.6 12.0 23.0 9.6 23.8 8.9 20.1 10.2 17.4
2015-06-23 10.2 23.5 9.4 31.3 12.3 24.0 9.7 24.4 8.7 20.7 10.6 18.1
2015-06-30 9.2 25.0 8.4 33.6 10.6 26.9 8.7 27.4 7.9 22.5 9.6 20.2
2015-07-07 9.4 26.1 9.2 34.1 10.5 28.1 9.1 28.7 8.2 23.3 8.4 21.1
2015-07-14 9.6 27.6 9.2 37.0 9.8 30.8 9.4 32.4 9.1 23.7 8.4 21.6
2015-07-21 10.0 28.6 10.3 37.8 6.9 31.5 9.8 33.3 9.7 23.7 8.4 21.4
2015-07-28 9.6 30.0 10.2 42.8 8.2 36.5 9.7 37.6 9.1 26.6 8.8 23.9
2015-08-04 9.1 31.2 9.8 44.6 5.6 38.2 9.7 38.4 8.6 27.0 8.9 23.9
2015-08-11 8.5 31.2 8.7 44.8 6.2 39.6 8.8 38.0 7.5 26.7 9.3 23.3
2015-08-18 6.2 32.8 8.5 43.7 6.6 42.3 8.6 36.9 6.7 26.4 8.9 22.9
2015-08-25 6.9 33.0 9.1 41.4 10.2 41.6 9.1 34.6 6.4 25.1 8.9 21.6
2015-09-01 5.1 32.0 9.8 38.5 13.8 39.5 9.6 32.2 6.5 23.1 8.0 19.7
2015-09-08 5.2 30.0 10.4 36.0 12.8 37.4 10.0 30.6 6.2 22.6 7.4 19.0
2015-09-15 6.5 26.4 10.3 30.9 12.4 31.6 10.4 27.2 6.3 20.3 7.8 16.7
2015-09-22 6.1 24.0 10.0 26.0 11.2 28.7 10.1 23.6 7.0 18.6 7.5 15.0
2015-09-29 8.0 22.7 9.3 24.8 10.2 30.5 9.3 22.9 7.1 18.6 8.1 15.1
2015-10-06 8.2 22.1 8.7 23.1 11.9 30.7 9.2 21.1 7.3 16.6 8.3 13.4
2015-10-13 8.6 21.9 8.8 23.4 12.8 32.3 8.7 20.5 6.9 15.8 7.9 12.6
2015-10-20 8.8 20.9 9.1 23.4 14.1 30.9 8.5 19.8 6.5 15.9 7.7 12.6
2015-10-27 8.9 20.4 9.4 22.8 13.9 29.3 8.6 18.9 6.4 15.3 7.6 11.6
2015-11-03 9.0 20.6 10.8 24.9 12.3 29.8 9.0 19.6 6.9 16.1 7.2 12.1
2015-11-10 9.1 21.4 10.6 28.4 12.3 29.5 9.0 20.9 7.0 16.7 7.1 12.4
2015-11-17 8.9 22.4 9.5 31.3 11.9 29.4 8.7 22.7 6.9 18.1 7.5 13.7
2015-11-24 9.3 22.6 9.6 33.4 12.8 26.4 8.7 23.5 6.6 18.5 7.7 14.1
2015-12-01 9.1 22.9 9.0 36.1 12.6 25.0 8.6 25.8 5.5 19.9 7.8 15.4
2015-12-08 8.8 22.3 8.7 35.1 10.7 22.0 8.5 25.2 5.2 19.1 8.6 14.5
2015-12-15 8.6 22.9 9.7 35.4 8.7 22.0 9.1 25.5 4.8 17.7 7.6 14.9
2015-12-22 8.2 24.2 9.5 36.7 8.3 23.9 9.2 26.4 3.7 17.8 7.5 16.0
2015-12-29 8.3 24.6 9.5 38.3 8.5 25.8 9.2 27.0 4.0 22.3 7.7 17.4
2016-01-05 8.3 25.6 9.7 38.0 8.3 26.4 9.6 27.3 3.4 23.0 7.0 17.9
2016-01-12 8.2 25.4 8.6 37.4 9.4 25.9 8.8 28.1 3.5 24.3 8.2 19.0
2016-01-19 8.4 24.3 8.4 33.6 9.0 22.9 8.3 26.9 5.3 23.5 8.7 18.0

Source: NRCan

Crude Oil Overview

For the two weeks ending January 19, 2016, prices for the three light crude benchmarks averaged between CAD$220/m3 and CAD$281.14/m3 (U.S.$27.24 and U.S.$31.32 per barrel).

Canadian light crude oil prices at Edmonton decreased by CAD$72.01/m3 (U.S.$6.20 per barrel) from two weeks ago, West Texas Intermediate (WTI) decreased by CAD$41.40/m3 (U.S.$5.61 per barrel) and Brent decreased by CAD$44.11/m3 (U.S.$5.96 per barrel).

The differential between Canadian light crude and WTI for the two weeks ending January 19 was CAD$61.16/m3, (U.S. $4.09 per barrel), an increase from the previous two weeks where it averaged CAD$30.55/m3 (U.S.$3.50 per barrel). Meanwhile, for the same period, the differential between Canadian light crude and Brent was CAD$60.19/m3 (U.S.$3.93 per barrel). This differential increased from the previous two week period where it averaged CAD$32.29/m3 (U.S.$3.70 per barrel).

The discount for Canadian heavy oil, as measured by the Western Canadian Select price differential to WTI averaged CAD$118.75/m3 (U.S. $14.39 per barrel) for the two weeks ending January 12, 2016.

For the week ending January 8, 2016, the U.S. Energy Information Administration (EIA) data showed that U.S. crude inventories increased by 0.2 million barrels, with total stocks reaching 482.6 million barrels. U.S. crude oil inventories remain near record levels for this time of year.

EIA data also show U.S. refinery utilization reached 91.2% for the week ending January 8, down from 92.5% the previous week.

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 January 15, 2015, were $238.18/cubic metres, $276.03/cubic metres, $275.67/cubic metres and $144.10/cubic metres for the Canadian Light, WTI, Brent and WCS, respectively.

Dates Canadian
Light Sweet
WTI Brent WCS
01/15 304.92 359.85 377.71 232.32
02/15 350.67 399.16 461.37 287.18
03-15 339.32 379.25 452.57 269.44
04-15 394.52 422.81 471.56 313.37
05-15 444.34 455.08 502.89 387.66
06-15 453.67 444.84 472.46 377.74
07-15 373.96 411.43 457.53 353.39
08-15 303.26 351.68 395.72 210.71
09-15 356.80 389.09 406.85 267.30
10-15 363.10 380.00 404.44 258.44
11-15 319.23 339.52 383.58 224.73
12-15 292.17 321.73 336.10 206.42
Jan. 8 271.18 305.99 309.59 181.44
Jan. 15 238.90 276.03 275.67 144.10

Sources: NRCan

Changes in Crude Oil Prices
Crude Oil Types Two- Weeks Ending:
2016-01-05
Change From:
Two weeks prior
Change From:
Last Year
$Can/
m3
$US/
bbl
$Can/
m3
$US/
bbl
$Can/
m3
$US/
bbl
Canadian Light 219.99 27.24 -72.01 -6.20 -80.04 -12.75
WTI 281.14 31.32 -41.40 -5.61 -75.29 -16.18
Brent 280.18 31.17 -44.11 -5.96 -85.16 -17.53
WCS 162.40 16.93 -44.41 -6.75 -90.17 -16.71

Source: NRCan

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