Selected Crude Oil Prices Monthly - 2016

Month Exchange Rate Cdn Light Sweet
Edmonton
Western Canada Select Hardisty Cdn Light Sweet Chicago WTI
Chicago
Western Canada Select
Chicago
Brent Montreal
$ Cdn/m3
2016-01 1.4193 272 123 308 300 165 358
2016-02 1.3826 243 193 205 276 225 324
2016-03 1.3232 219 154 248 302 184 325
2016-04 1.2819 297 219 334 345 261 371
2016-05 1.2946 363 282 401 397 324 410
2016-06 1.2892 378 293 415 411 333 425
2016-07 1.3064 337 251 375 383 294 401
2016-08 1,2996 338 248 376 381 290 397
2016-09 1.3109 351 259 389 388 302 402
2016-10 1.3245 390 299 428 432 343 441
2016-11 1.3432 352 258 390 402 302 412
2016-12 1.3342 404 306 443 454 350 474
Average 1.3245 330 241 358 373 281 393

Explanatory Note for Crude Oil Prices

  • All prices are settlement prices, for delivery in the prompt month.
  • NYMEX:  The New York Mercantile Exchange (NYMEX), the world's largest physical commodity futures exchange.

Western Canadian Select:  Western Canada Select (WCS) is the main benchmark price for Canadian heavy crude and specifies delivery at Hardisty, Alberta. Prices are based on daily closing prices for WCS posted on NYMEX in US dollars per barrel. Prices are converted to Canadian dollars per cubic metre using the Bank of Canada’s daily noon exchange rate and applying a volumetric ratio (6.29:1) to convert the price per barrel to a price per cubic metre.

Western Canadian Select Chicago:  Prices are based on Canadian Heavy Hardisty with pipeline tolls added for transportation to refineries in the Chicago area. Pipeline toll rates are obtained from the National Energy Board (NEB) and the US Federal Energy Regulatory Commission (FERC) which regulate pipeline tolls in Canada and the US respectively.

Canadian Light Sweet:  Canadian Light Sweet (CLS) is the main Canadian benchmark price for light sweet crude and specifies delivery at Edmonton, Alberta. Prices are based on daily closing prices for CLS crude posted on NYMEX in US dollars per barrel. Prices are converted to Canadian dollars per cubic metre using the Bank of Canada’s daily noon exchange rate and applying a volumetric ratio (6.29:1) to convert the price per barrel to a price per cubic metre.

Canadian Light Sweet Chicago:  Prices are based on Canadian Light Sweet with pipeline tolls added for transportation to refineries in the Chicago area. Pipeline toll rates are obtained from the National Energy Board (NEB) and the US Federal Energy Regulatory Commission (FERC) which regulate pipeline tolls in Canada and the US respectively.

West Texas Intermediate Chicago:  West Texas Intermediate (WTI) is the main benchmark price for light sweet crude in North America and specifies delivery at Cushing, Oklahoma. Prices are based on daily closing prices for WTI posted on NYMEX in US dollars per barrel. Prices are converted to Canadian dollars per cubic metre using the Bank of Canada’s daily noon exchange rate and applying a volumetric ratio (6.29:1) to convert the price per barrel to a price per cubic metre. Pipeline tolls are added for transport from Cushing to Chicago with toll rates obtained from the US Federal Energy Regulatory Commission (FERC) which regulates pipeline tolls in the US.

Brent Montreal:  Brent is the main benchmark price for light sweet crude in international markets and specifies delivery at Sullom Voe terminal, United Kingdom. Prices are based on daily closing prices for Brent posted on NYMEX in US dollars per barrel. Prices are converted to Canadian dollars per cubic metre using the Bank of Canada’s daily noon exchange rate and applying a volumetric ratio (6.29:1) to convert the price per barrel to a price per cubic metre. Transportation costs are added for shipping Brent crude by tanker to Portland, Maine, where it is transferred to a pipeline and transported to Montreal. Tanker rates are obtained from Bloomberg and pipeline toll rates are obtained from the National Energy Board (NEB) and the US Federal Energy Regulatory Commission (FERC) which regulate pipeline tolls in Canada and the US respectively.