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Selected Crude Oil Prices Monthly - 2017

Month Exchange Rate Cdn Light Sweet
Edmonton
Western Canada Select Hardisty Cdn Light Sweet Chicago WTI
Chicago
Western Canada Select
Chicago
Brent Montreal
2017-01-01 1.3192 411 322 449 452 365 476
2017-02-01 1.3110 415 326 453 456 369 478
2017-03-01 1.3388 396 306 434 434 349 459
2017-04-01 1.3440 394 345 431 435 389 456
Average 1.3287 404 314 442 443 367 467

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.

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