Fuel Focus, February 20, 2015

Table of Contents

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National Overview

Canadian Retail Gasoline Prices Increased 2 Cents per Litre from Last Week

Canadian retail pump prices, for the week ending February 17, 2015, increased by nearly 2 cents per litre to $1.03 per litre—a nine-week high. However, this represents a 26 cent-per-litre decrease from last year’s level at the same time.

Diesel fuel prices increased by 3 cents per litre to $1.14 per litre compared to the previous week. This is a decrease of 30 cents per litre from the same period last year. Furnace oil prices increased by 2.5 cents per litre from the previous week to an average of $1.10 per litre.

Average retail gasoline prices rose on higher wholesale gasoline prices, which in turn reflected higher crude oil prices.

Figure 1: 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 February 17, 2015, at 103.0 cents per litre, excluding taxes at 66.2 cents per litre, Canadian Light Sweet at 35.0 cents per litre and Brent at 45.3 cents per litre.

Dates	Gasoline at retail	Excluding Taxes	Canadian Light Sweet	Brent crude
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

Figure 2: Weekly Regular Gasoline Prices

Text version

Figure 2

This graph shows the gasoline price trends from 2013 to 2014.

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
13-02-26	131.20	14-03-04	132.50	15-03-03
13-03-05	131.20	14-03-11	131.80	15-03-10
13-03-12	129.90	14-03-18	132.00	15-03-17
13-03-19	130.10	14-03-25	132.90	15-03-24
13-03-26	129.40	14-04-01	132.90	15-03-31
13-04-02	128.70	14-04-08	133.90	15-04-07
13-04-09	126.50	14-04-15	136.80	15-04-14
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: 2015-02-17	Change from:Previous  Week	Change from:Last Year
Gasoline	103.0	+1.8	-26.3
Diesel	114.3	+2.9	-30.2
Furnace Oil	109.6	+2.5	-22.2
Natural Gas Prices in $CA/GJ
Alberta (NGX)	2.63	-0.2	-1.97
Ontario (Dawn)	4.00	-0.9	-10.3

Source: NRCan, Bloomberg, NGX

Table 2: Natural Gas Prices for Vehicles

2014-12-09	¢/kilogram	¢/L gasoline equivalent	¢/L diesel equivalent
Vancouver	114.5	75.5	78.3
Edmonton	115.0	75.9	78.7
Toronto	128.4	84.7	87.8

Source: ¢/kg Kent Marketing Services Limited

Recent Developments

• Canadian Winter –Outlook 2015: According to the Conference Board of Canada’s Canadian Outlook-Winter 2015, Canada’s economy is expected to grow by just 1.9 per cent in 2015 as the collapse in oil prices takes its toll on business investment and corporate profits. This rate of growth represents a substantial downgrade from the Conference Board’s previous Canadian Outlook of 2.4 per cent (released in November 2014).  The highlights of the report are: business investment will be the weakest part of the Canadian economy in 2015; the drop in oil prices will cost producers more than US$40 billion in lost revenues; and the trade sector will be the bright spot in the Canadian economy because of a strong U.S. economy and a lower dollar. (Source: The Conference Board of Canada)
• Outlook for Crude Oil Prices: The recent crash in oil prices will cause the oil market to rebalance in ways that challenge traditional thinking about the responsiveness of supply and demand, the International Energy Agency (IEA) said in its annual Medium-Term Oil Market Report. The US light, tight oil (LTO) revolution has made non-OPEC production more responsive to price swings than during previous market selloffs, the report said, adding that this would likely set the stage for a relatively swift recovery. At the same time, lower oil prices will not provide as strong a boon to oil demand growth as might be expected. (Source: IEA)

Retail Gasoline Overview

The four-week average regular gasoline pump price in selected cities across Canada was 98 cents per litre for the period ending February 17, 2015. This is an increase of 7 cents per litre since the last report on February 6, 2015.

The four-week average crude oil price component of gasoline registered at 40 cents per litre, up by 3 cents per litre from two weeks ago. Compared to the same period in 2014, the crude oil price component of gasoline is nearly 26 cents per litre lower.

Retail gasoline prices in most Western centres increased, on average, by 8 cents per litre when compared to the previous report and ranged from 86 cents per litre to $1.12 per litre. Prices in Eastern cities rose, on average, by 5 cents per litre and ranged from 94 cents per litre to $1.07 per litre.

At the national level, refining and marketing costs and margins increased by 3 cents per litre to 21 cents per litre from the last report. This represents a decrease of 1 cent per litre compared to the same period last year.

Figure 3: Regular Gasoline Pump Prices in Selected Cities Four-Week Average (January 27 to February 17, 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	96.9	106.4	112.1	86.1	90.8	87.8	97.8	106.8	93.7	97.6	96.6	103.1	98.3
Crude (est.	32.7	32.7	30.2	32.7	32.7	32.7	36.7	41.6	41.6	41.6	41.6	41.6	40.2
Federal Taxes	14.6	15.1	15.3	14.1	14.3	14.2	10.0	14.6	10.0	10.0	10.0	10.0	14.9
Provincial Tax	6.2	10.7	32.2	9.0	15.0	14.0	14.7	31.5	13.6	15.5	13.1	16.5	22.0
HST							11.3		10.8	12.7	11.9	11.9
Refining & Marketing Costs & Margins	43.4	47.9	31.9	30.3	28.8	26.9	25.2	19.1	17.7	17.8	20.0	23.1	21.2

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.
 

Wholesale Gasoline Prices

For the week ending February 12, 2015, wholesale gasoline prices increased in all Canadian and American centres compared to the previous week. 

Wholesale gasoline price changes ranged from an increase of 2 to 5 cents per litre, with prices ending in the 54 to 59 cent-per-litre range.

In the Eastern markets of Canada and the U.S., wholesale gasoline prices, compared to the previous week, registered increases ranging from 2 to 3 cents per litre. Prices for the period ended in the 54 to 57 cent-per-litre range.

Wholesale gasoline price changes in Western centres ranged between increases of 3 to 5 cents per litre, with prices ending in the range of 56 to 59 cents per litre.

In the last four weeks, wholesale prices in all selected Canadian and American centres have increased in the range of 7 to 17 cents per litre.

Figure 4: Wholesale Gasoline Prices
Rack Terminal Prices for Selected Canadian and American Cities Ending February 12, 2015
(Can ¢/L)

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

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 moved upward, reaching 18 cents per litre for the week ending February 17, 2015. This represents a 3 cent–per-litre increase from last year at the same time. The rise in refining margins for gasoline reflects the fact that wholesale gasoline prices have been increasing faster than crude oil prices.

Overall, marketing margins showed no gains and hovered at around 7.6 cents per litre. For the five centres, marketing margins ranged from a low of 5.3 cents per litre in Montreal to a high of 9.3 cents per litre in Vancouver.

Marketing margins have to cover the costs associated with operating an outlet and generating a profit for the station owner. These margins can vary significantly depending on the region, volume sold, and availability of other product offerings. Most of the costs of operating an outlet are fixed and do not decline with lower gasoline prices.

Figure 5: Gasoline Refining and Marketing Margins
(Four-Week Rolling Average Ending February 17, 2015)
^_________ Refining Margin _______ Marketing Margin

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

Source: NRCan

Crude Oil Overview

Oil Prices Appear to Have Bottomed Out

For the week ending February 13, 2015, prices for the three marker light crudes averaged between $350/m3 and $453/m3 (US$44 to US$58 per barrel). This is an increase of $3 to $10/m3 (US$0.42 to US$1.36 per barrel) from the previous week.

Oil prices remained relatively flat over this past week.  Brent settled at $453/m3 (US$58 per barrel) for the week ending February 13, 2015, compared to $442/m3 (US $56 per barrel) in the previous week, while WTI was $402/m3 (US$51 per barrel), compared to $398/m3 (US$47 per barrel) last in the previous week.

Prices do appear to have bottomed out for the moment.  Prices have now been in a fairly narrow range since the beginning of 2015.  Brent daily prices in 2015 has ranged between $350/m3 and $482/m3 (US$47 - US$62 per barrel), and lately has been bouncing around near the top of this range.

Figure 6: Crude Oil Price Comparisons

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 February 13, 2015, were $350/cubic metres, $402/cubic metres, $453/cubic metres and $296/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
January 9, 2015	305.46	362.54	381.36	251.97
January 16, 2015	297.77	353.89	357.92	252.78
January 23, 2015	303.47	360.13	376.15	251.18
January 30, 2015	307.17	360.26	391.43	252.74
01/15	304.92	359.85	377.71	232.32
February 6, 2015	346.72	398.50	442.48	297.54
February 13, 2015	349.83	402.18	452.96	296.39

Sources: NRCan

Changes in Crude Oil Prices

Crude Oil Types	Week Ending: 2014-02-13		Change From: Previous Week		Change From: Last Year
	$Can/ m3	$US/ bbl	$Can/ m3	$US/ bbl	$Can/ m3	$US/ bbl
Canadian Light	349.83	44.49	+3.12	+0.42	-335.41	-54.50
WTI	402.18	51.14	+3.68	+0.49	-291.22	-49.03
Brent	452.96	57.60	+10.47	+1.36	-299.78	-51.14
WCS	296.39	37.69	-1.15	-0.13	-239.59	-39.73

Source: NRCan

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