Fuel Focus, July 11, 2014

Table of Contents

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National Overview

Canadian Retail Gasoline Prices Decreased 1.5 Cents per Litre from Last Week

Canadian retail pump prices, for the week ending July 8, 2014, decreased by 1.5 cents per litre to $1.37 per litre compared to the previous week. This is a decrease of 4 cents per litre from the last report two weeks ago and an increase of 5 cents per litre from a year ago.

Lower wholesale gasoline prices along with a decrease in crude oil prices pushed retail prices downward.

Diesel fuel declined by 1 cent per litre to $1.34 per litre while furnace oil prices increased by 1 cent per litre to $1.26 per litre. Diesel and furnace oil prices are 10 and 8 cents per litre higher than a year ago, respectively.

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 July 8, 2014, at 137.2 cents per litre, excluding taxes at 97.0 cents per litre, Canadian Light Sweet at 65.2 cents per litre and Brent at 74.9 cents per litre.

Dates	Gasoline at retail	Excluding Taxes	Edmonton Par crude	Brent crude
01/01/2013	118.9	80.4	46.6	69.3
08/01/2013	120.6	81.9	49.4	69.5
15/01/2013	118.9	80.3	53.7	69.2
22/01/2013	119.7	81.1	55.2	68.7
29/01/2013	123.3	84.3	56.6	70.7
05/02/2013	129.2	89.7	61.9	72.5
12/02/2013	127.7	88.4	54.8	73.5
19/02/2013	130.5	90.9	55.3	74.6
26/02/2013	131.2	91.6	54.7	67.1
05/03/2013	131.2	91.6	51.8	72.5
12/03/2013	129.9	90.4	54.2	71.8
19/03/2013	130.1	90.7	56.7	70.6
26/03/2013	129.4	90.0	57.0	69.7
02/04/2013	128.7	89.3	58.4	69.9
09/04/2013	126.5	87.4	59.5	68.9
16/04/2013	125.0	86.0	58.0	67.0
23/04/2013	125.1	85.9	54.8	64.4
30/04/2013	126.3	87.0	55.8	65.5
07/05/2013	126.0	86.7	61.4	65.1
14/05/2013	129.3	89.8	59.1	66.1
21/05/2013	131.4	91.8	58.8	66.1
28/05/2013	132.9	93.2	60.0	66.9
04/06/2013	131.1	91.5	58.1	66.6
11/06/2013	132.9	93.2	57.8	66.8
18/06/2013	133.1	93.3	57.0	66.8
25/06/2013	130.5	91.0	58.0	67.4
02/07/2013	128.3	88.9	59.0	67.2
09/07/2013	132.4	92.6	63.1	69.6
16/07/2013	134.4	94.3	66.6	71.2
23/07/2013	134.7	94.6	68.7	71.1
30/07/2013	132.7	92.8	67.9	69.8
06/08/2013	131.5	91.7	64.1	70.1
13/08/2013	130.0	90.3	65.6	70.3
20/08/2013	132.0	92.2	66.4	71.3
27/08/2013	133.0	93.0	66.4	72.3
03/09/2013	133.9	93.8	70.2	75.5
10/09/2013	132.1	92.2	68.1	76.1
17/09/2013	130.6	90.8	65.8	73.0
24/09/2013	126.4	87.1	63.7	70.8
01/10/2013	124.3	85.2	61.9	70.3
08/10/2013	123.6	84.6	60.1	70.6
15/10/2013	124.8	85.6	60.9	71.9
22/10/2013	125.5	86.2	59.7	71.7
29/10/2013	124.4	85.2	57.4	70.6
05/11/2013	123.7	84.6	58.9	71.1
12/11/2013	122.6	83.6	53.5	69.0
19/11/2013	124.6	85.3	48.7	70.7
26/11/2013	126.4	86.9	48.6	71.8
03/12/2013	125.4	86.1	49.4	73.6
10/12/2013	125.9	86.5	50.9	74.9
17/12/2013	124.5	85.2	52.5	73.0
24/12/2013	125.0	85.6	52.6	73.5
31/12/2013	128.3	88.6	52.6	74.9
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

Figure 2: Weekly Regular Gasoline Prices

Text version

Figure 2

This graph shows the gasoline price trends from 2012 to 2014.

Date	2012 Gasoline at Retail	Date	2013 Gasoline at Retail	Date	2014 Gasoline at Retail
12-01-03	120.60	13-01-01	118.90	13-12-31	128.30
12-01-10	122.90	13-01-08	120.60	14-01-07	125.00
12-01-17	123.00	13-01-15	118.90	14-01-14	125.60
12-01-24	123.30	13-01-22	119.70	14-01-21	125.70
12-01-31	124.70	13-01-29	123.30	14-01-28	126.60
12-02-07	122.70	13-02-05	129.20	14-02-04	125.90
12-02-14	126.70	13-02-12	127.70	14-02-11	127.60
12-02-21	127.00	13-02-19	130.50	14-02-18	129.30
12-02-28	131.70	13-02-26	131.20	14-02-25	130.70
12-03-06	127.30	13-03-05	131.20	14-03-04	132.50
12-03-13	131.00	13-03-12	129.90	14-03-11	131.80
12-03-20	132.80	13-03-19	130.10	14-03-18	132.00
12-03-27	132.70	13-03-26	129.40	14-03-25	132.90
12-04-03	135.10	13-04-02	128.70	14-04-01	132.90
12-04-10	136.40	13-04-09	126.50	14-04-08	133.90
12-04-17	136.70	13-04-16	125.00	14-04-15	136.80
12-04-24	132.00	13-04-23	125.10	14-04-22	137.70
12-05-01	131.90	13-04-30	126.30	14-04-29	139.80
12-05-08	129.50	13-05-07	126.00	14-05-06	136.90
12-05-15	130.30	13-05-14	129.30	14-05-13	135.70
12-05-22	128.50	13-05-21	131.40	14-05-20	136.00
12-05-29	129.30	13-05-28	132.90	14-05-27	136.80
12-06-05	126.80	13-06-04	131.10	14-06-03	137.40
12-06-12	126.70	13-06-11	132.90	14-06-10	138.10
12-06-19	126.80	13-06-18	133.10	14-06-17	138.80
12-06-26	123.70	13-06-25	130.50	14-06-24	141.20
12-07-03	123.10	13-07-02	128.30	14-07-01	138.70
12-07-10	126.00	13-07-09	132.40	14-07-08	137.20
12-07-17	128.00	13-07-16	134.40	14-07-15
12-07-24	129.20	13-07-23	134.70	14-07-22
12-07-31	127.30	13-07-30	132.70	14-07-29
12-08-07	129.70	13-08-06	131.50	14-08-05
12-08-14	131.00	13-08-13	130.00	14-08-12
12-08-21	130.30	13-08-20	132.00	14-08-19
12-08-28	130.60	13-08-27	133.00	14-08-26
12-09-04	130.90	13-09-03	133.90	14-09-02
12-09-11	132.20	13-09-10	132.10	14-09-09
12-09-18	134.60	13-09-17	130.60	14-09-16
12-09-25	128.90	13-09-24	126.40	14-09-23
12-10-02	132.80	13-10-01	124.30	14-09-30
12-10-09	133.00	13-10-08	123.60	14-10-07
12-10-16	130.10	13-10-15	124.80	14-10-14
12-10-23	124.30	13-10-22	125.50	14-10-21
12-10-30	123.50	13-10-29	124.40	14-10-28
12-11-06	121.60	13-11-05	123.70	14-11-04
12-11-13	122.50	13-11-12	122.60	14-11-11
12-11-20	122.20	13-11-19	124.60	14-11-18
12-11-27	122.60	13-11-26	126.40	14-11-25
12-12-04	120.90	13-12-03	125.40	14-12-02
12-12-11	117.30	13-12-10	125.90	14-12-09
12-12-18	117.70	13-12-17	124.50	14-12-16
12-12-25	119.00	13-12-24	125.00	14-12-23
		13-12-31	128.30	14-12-30

Table 1: Changes in Fuel Prices

¢/L	Week of: 2014-07-08	Change from: Previous Week	Change from: Last Year
Gasoline	137.2	-1.5	+4.8
Diesel	134.0	-0.7	+9.6
Furnace Oil	125.6	+0.9	+8.3

Source: NRCan

Table 2: Natural Gas Prices for Vehicles

2014-07-08	¢/kilogram	¢/L gasoline equivalent	¢/L diesel equivalent
Vancouver	114.6	75.6	78.4
Edmonton	115.1	75.9	78.7
Toronto	128.3	84.6	87.8

Source: ¢/kg Kent Marketing Services Limited

Recent Developments

• Higher-Octane Gasoline: The use of high-octane 98 RON gasoline in appropriately-tuned light-duty vehicles (LDVs) could reduce U.S. gasoline consumption by 3.0-4.4%, cut LDV CO2 emissions by 2.5-4.7% (after accounting for higher refinery emissions to produce higher-octane gasoline), and generate a net annual social benefit of $1.7-8.8 billion in 2040, according to the Massachusetts Institute of Technology. Higher-octane gasoline allows for higher engine compression ratios and, for turbocharged engines, higher boost levels, thereby improving fuel economy. (Source: Environmental Science & Technology, Green Car Congress)
• Re-opening of Libya’s Sea Port Pushes Brent Oil Prices Down: Crude oil dropped on July 3, 2014, on either side of the Atlantic, as supply fears began to recede after the Libyan government announced the resumption of oil exports from two ports. The Libyan government believes that potentially an extra 500,000 barrels per day of crude will be available for export. Brent fell to a three-week low, dropping US$0.57 cents to US$110.67 bbls while WTI fell US$0.74 cents to US$103.72 bbl. (Source: Daily Oil Bulletin)
• Higher Energy Prices Push Inflation Up in May: The year-over-year rise in the Consumer Price Index in May was led by energy prices, which increased 8.4% in the 12 months to May, matching the rise in April. Prices for gasoline increased 6.3% in the 12 months to May, while natural gas prices advanced 21.3%. At the national level, consumers also paid 12.7% more for fuel oil in May. (Source: The Daily)

Retail Gasoline Overview

The average Canadian pump price in selected cities for the four-week average ending July 8, 2014, was $1.39 per litre—an increase of 0.1 cent per litre from the last report on June 27, 2014. This represents an 8 cent-per-litre increase compared to the same period in 2013.

Overall, compared to two weeks ago, the four-week average crude oil prices declined by 0.4 cent per litre to 75 cents per litre.

Retail gasoline prices in Eastern centres increased marginally, on average, by 0.2 cent per litre, and ranged from $1.34 per litre to $1.46 per litre. Prices in Western centres declined on average by 0.3 cent per litre and ranged from a high of $1.51 to a low of $1.25 per litre.

At the national level, refining and marketing costs and margins increased by less than 1 cent per litre to 24 cents per litre from the previous report two weeks ago. This is nearly 5 cents per litre lower than the same period last year.

Figure 3: Regular Gasoline Pump Prices in Selected Cities Four-Week Average (June 17 to July 8, 2014)

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	141.9	139.9	151.4	125.3	131.3	128.4	140.6	145.5	133.7	138.6	138.6	139.2	139.0
Crude (est.)	66.5	66.5	66.5	66.5	66.5	66.5	70.5	76.3	76.3	76.3	76.3	76.3	74.5
Federal Taxes	16.8	16.7	10.0	16.0	16.3	16.1	10.0	16.3	10.0	10.0	10.0	10.0	16.2
Provincial Tax	6.2	10.7	32.2	9.0	15.0	14.0	14.7	34.8	13.6	15.5	13.1	16.5	24.0
HST			7.2				16.2		15.4	18.1	17.0	16.0
Refining & Marketing Costs & Margins	52.4	46.0	35.5	33.8	33.5	31.8	29.2	18.1	18.4	18.7	22.2	20.4	24.3

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 of July 3, 2014, and compared to the previous week, prices in both Canadian and U.S. markets registered decreases ranging from less than 1 cent a litre to almost 5 cents per litre and ended the period in the 82-to-93 cent-per-litre range.

Wholesale gasoline prices in Eastern markets in both Canada and the United States registered decreases of 1 cent per litre to nearly 3 cents per litre, compared to the previous week, and ended the period in the 82-to-91 cent-per-litre range.

Wholesale gasoline prices in Western centres ranged from a decrease of more than 1 cent per litre to almost 5 cents per litre and ended the period between 85 and 93 cents per litre.

Overall, compared to the same period last year, prices registered increases ranging from 3 cents a litre to slightly more than 10 cents per litre.

Figure 4: Wholesale Gasoline Prices
Rack Terminal Prices for Selected Canadian and American Cities Ending June 3, 2014
(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 03-Jan-13	77.50	75.42	78.60	75.82	77.50	77.31	65.40	66.07	75.50	68.79
Thu 10-Jan-13	76.70	74.48	77.40	75.49	76.90	77.88	63.40	66.67	72.40	65.77
Thu 17-Jan-13	74.80	73.73	75.40	74.81	75.00	74.96	62.40	69.13	70.90	65.72
Thu 13-Dec-12	72.10	70.22	74.90	71.94	73.90	77.52	67.70	64.43	70.50	65.70
Thu 24-Jan-13	79.00	78.00	79.00	78.15	78.30	78.93	66.80	75.06	73.50	70.59
Thu 31-Jan-13	84.10	81.70	84.70	81.81	83.50	80.51	72.50	78.85	83.40	79.19
Thu 07-Feb-13	84.60	80.98	85.10	81.47	83.20	83.16	73.10	80.16	84.00	78.87
Thu 14-Feb-13	84.50	83.61	84.20	84.35	83.20	83.55	78.10	86.03	83.30	79.18
Thu 21-Feb-13	86.70	83.01	85.90	84.51	85.40	87.44	79.70	85.90	86.00	82.60
Thu 28-Feb-13	82.80	80.41	81.90	83.34	81.90	83.14	80.50	83.70	86.20	81.99
Thu 07-Mar-13	84.10	80.00	83.60	82.22	83.30	84.09	81.00	82.56	86.90	80.15
Thu 14-Mar-13	84.60	81.52	84.00	83.10	83.90	85.12	81.70	82.24	85.40	78.61
Thu 21-Mar-13	84.10	80.55	84.50	81.59	84.80	84.95	81.80	81.66	82.10	75.28
Thu 28-Mar-13	82.00	79.08	81.50	80.79	82.60	84.24	80.20	82.51	83.80	79.62
Thu 04-Apr-13	79.40	73.32	79.50	77.54	80.60	84.10	77.40	78.17	80.20	77.14
Thu 11-Apr-13	77.30	73.36	78.90	75.92	79.80	83.84	75.90	75.52	81.50	76.23
Thu 18-Apr-13	74.70	75.92	76.30	76.28	77.10	75.04	74.90	76.41	78.50	74.77
Thu 25-Apr-13	74.80	77.01	75.90	76.42	76.70	75.40	76.80	78.08	79.00	77.56
Thu 02-May-13	73.50	76.65	74.50	75.00	75.00	75.38	78.80	79.70	82.00	83.51
Thu 09-May-13	75.10	76.22	77.60	77.03	78.50	77.88	83.90	87.57	90.80	87.15
Thu 16-May-13	78.10	77.25	81.50	78.21	80.90	80.54	89.30	101.10	92.50	85.64
Thu 23-May-13	78.60	78.37	80.50	78.09	81.30	79.53	94.20	86.80	90.30	78.24
Thu 30-May-13	78.40	78.36	79.80	77.90	81.40	78.43	92.60	82.64	87.60	73.33
Thu 06-Jun-13	78.70	78.91	80.50	78.17	81.60	78.16	92.40	83.64	86.60	76.00
Thu 13-Jun-13	77.80	78.32	78.90	77.45	80.60	76.84	90.20	79.79	86.00	77.78
Thu 20-Jun-13	80.10	78.00	81.00	76.50	82.00	79.30	86.20	76.78	88.10	79.78
Thu 27-Jun-13	77.80	76.96	78.10	76.22	79.40	76.41	82.40	75.29	85.70	77.93
Thu 04-Jul-13	79.80	78.53	81.30	77.56	81.80	76.93	82.70	77.19	88.70	80.47
Thu 11-Jul-13	84.60	84.52	86.30	82.08	85.80	82.51	85.00	83.36	93.40	87.07
Thu 18-Jul-13	87.10	86.48	87.80	82.88	87.80	84.45	86.70	85.15	93.90	82.94
Thu 25-Jul-15	84.40	81.63	84.80	79.09	85.40	81.21	84.10	82.55	89.90	79.53
Thu 01-Aug-13	83.20	83.68	84.00	80.06	84.10	81.93	82.00	84.32	89.50	79.81
Thu 08-Aug-13	82.30	79.58	82.20	76.89	82.60	78.85	81.10	78.95	87.00	75.45
Thu 15-Aug-13	84.20	83.01	84.40	80.94	84.20	81.32	81.20	82.30	88.50	76.76
Thu 22-Aug-13	83.90	83.75	84.00	82.03	83.50	82.16	80.90	84.32	86.40	76.73
Thu 29-Aug-13	88.90	87.42	88.30	85.55	88.10	86.41	83.40	89.62	88.90	80.31
Thu 05-Sep-13	86.70	84.77	86.20	83.13	85.90	84.03	83.20	86.81	86.50	79.97
Thu 12-Sep-13	81.00	79.52	80.90	77.16	82.90	78.97	79.20	79.37	84.00	78.65
Thu 19-Sep-13	79.70	73.77	80.20	73.60	81.60	75.45	77.10	77.32	83.70	74.59
Thu 26-Sep-13	77.40	75.99	77.00	74.69	78.70	75.25	76.50	76.96	80.90	74.43
Thu 03-Oct-13	76.50	73.93	76.00	74.33	77.80	74.45	75.60	77.48	79.10	73.09
Thu 10-Oct-13	77.00	76.23	76.40	75.22	78.20	75.24	76.20	79.28	76.80	71.32
Thu 17-Oct-13	78.80	75.48	78.00	75.66	79.80	75.64	77.80	77.39	78.30	68.82
Thu 24-Oct-13	76.30	73.26	74.20	72.60	76.40	76.40	75.10	74.67	75.20	68.55
Thu 31-Oct-13	78.40	74.83	77.40	75.50	78.90	74.66	75.90	73.89	75.50	69.29
Thu 07-Nov-13	76.50	73.29	75.40	73.47	77.70	73.62	73.10	70.87	73.90	67.58
Thu 14-Nov-13	78.50	78.01	77.70	77.49	78.90	78.23	74.80	73.14	74.60	71.77
Thu 21-Nov-13	80.00	80.43	77.80	77.74	79.80	77.16	75.30	74.96	73.50	69.75
Thu 28-Nov-13	81.30	78.79	80.20	79.06	81.60	79.32	75.50	73.46	74.60	70.20
Thu 05-Dec-13	81.30	81.98	81.70	80.77	81.90	79.95	74.00	73.04	74.70	71.18
Thu 12-Dec-13	79.30	80.57	80.00	80.76	79.60	79.52	72.30	67.30	73.60	69.01
Thu 19-Dec-13	80.60	80.41	80.60	80.76	79.80	81.20	69.40	74.95	74.60	71.49
Thu 26-Dec-13	82.50	82.08	84.20	81.35	82.80	82.75	72.70	77.90	77.80	73.92
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	84.27	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	84.62	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

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 shown low fluctuations in the last three months, which is indicative of an adequate supply in the North American distribution system. Strong U.S. gasoline and crude oil inventories create a downward pressure on price which, in turn, moderates refining margins.

At the national level, the refining margin was around 20 cents per litre—0.1 cent higher than two weeks ago.

Overall, marketing margins remain much less volatile than refining margins and fluctuate over a much narrower range. Nationally, marketing margins hovered at 8 cents per litre.

Figure 5: Gasoline Refining and Marketing Margins
(Four-Week Rolling Average Ending July 8, 2014)
^_________ 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
2012-01-03	6.1	10.4	6.9	14.1	4.6	13.9	6.9	13.0	1.9	7.1	7.3	4.4
2012-01-10	6.1	11.3	6.4	14.9	3.0	14.2	6.7	13.8	3.7	7.5	7.1	5.0
2012-01-17	6.5	11.8	6.4	15.4	4.0	14.1	6.9	14.5	5.1	8.7	7.2	6.0
2012-01-24	7.3	11.5	6.3	15.1	5.0	13.6	7.0	14.9	7.5	9.1	8.3	6.5
2012-01-31	7.6	12.3	6.7	16.6	5.0	15.0	7.4	17.3	8.0	10.6	8.2	8.1
2012-02-07	7.2	13.6	6.8	16.6	5.2	16.5	7.4	18.9	6.2	10.6	8.4	8.2
2012-02-14	7.0	15.2	6.8	17.4	4.8	17.9	7.3	20.8	6.1	10.3	7.8	8.4
2012-02-21	6.6	16.2	6.9	18.5	3.9	18.6	7.5	21.4	5.1	10.1	7.9	8.7
2012-02-28	6.8	16.9	6.8	19.3	3.9	17.7	7.3	20.3	6.5	8.8	8.0	8.2
2012-03-06	7.1	15.4	7.2	22.2	4.9	18.9	7.3	21.6	6.7	7.7	8.1	7.9
2012-03-13	7.3	16.2	7.5	26.6	5.6	22.4	7.4	23.8	6.9	6.9	8.4	7.6
2012-03-20	7.5	18.1	7.5	31.2	6.0	26.7	7.2	27.6	7.8	6.4	8.0	7.3
2012-03-27	6.9	20.1	7.1	36.2	5.6	31.9	6.9	32.5	6.3	6.9	8.0	7.7
2012-04-03	6.8	24.3	6.8	39.0	4.8	34.7	6.7	35.3	7.8	8.7	7.6	9.6
2012-04-10	7.1	25.8	7.1	38.3	5.8	34.4	6.8	36.2	7.4	10.4	8.4	11.4
2012-04-17	7.5	26.2	7.5	37.4	7.2	33.9	7.0	36.6	6.9	12.1	8.8	13.1
2012-04-24	8.0	25.7	7.4	34.4	9.0	31.8	6.7	34.9	7.6	12.4	10.0	13.3
2012-05-01	9.3	23.3	7.8	31.6	11.0	28.9	7.0	32.0	6.5	12.6	9.8	12.6
2012-05-08	8.7	21.7	7.2	31.0	10.5	27.3	6.9	29.5	6.6	12.0	9.8	11.3
2012-05-15	8.4	20.7	6.8	32.0	9.7	26.3	6.6	27.5	6.8	11.2	9.2	10.1
2012-05-22	8.0	20.6	7.0	33.2	8.6	26.3	7.0	27.0	5.9	11.4	7.8	9.7
2012-05-29	8.1	20.5	6.2	37.0	7.4	28.4	6.8	28.0	7.0	12.0	7.8	10.1
2012-06-05	8.0	21.8	6.1	38.6	7.1	30.0	6.5	28.5	6.3	13.2	7.6	10.9
2012-06-12	7.5	22.8	6.2	37.9	7.0	30.9	6.7	27.8	6.2	14.0	7.9	11.5
2012-06-19	7.8	23.3	6.7	38.0	6.3	32.5	6.7	27.5	8.0	15.3	8.3	12.9
2012-06-26	7.6	23.7	6.8	35.7	6.8	32.5	6.6	26.5	6.9	15.2	8.4	12.9
2012-07-03	7.3	23.7	7.0	34.9	6.5	33.0	6.1	27.0	6.6	14.8	7.3	12.1
2012-07-10	7.0	24.5	6.6	35.3	6.3	34.4	5.3	29.0	7.4	14.7	6.4	11.8
2012-07-17	6.6	25.8	5.9	34.9	7.0	34.0	4.9	30.9	6.3	14.0	6.2	10.7
2012-07-24	7.1	25.9	6.7	35.0	6.6	34.6	5.4	32.5	7.7	13.6	6.9	10.3
2012-07-31	7.6	26.1	6.6	34.3	6.2	34.6	5.8	33.3	9.0	13.4	7.5	10.4
2012-08-07	7.5	26.6	6.8	32.0	5.3	33.2	6.3	32.7	8.1	13.5	7.6	9.9
2012-08-14	7.6	25.4	7.1	30.2	5.5	32.4	6.7	31.2	8.2	13.0	8.4	9.3
2012-08-21	7.2	24.5	7.1	27.9	6.1	30.7	6.3	29.3	6.9	12.8	8.4	8.8
2012-08-28	6.5	23.9	7.1	26.4	6.0	30.0	5.8	28.8	5.8	13.6	8.2	9.9
2012-09-04	6.5	22.7	7.1	25.2	6.5	29.7	5.5	27.9	6.1	13.4	9.6	10.9
2012-09-11	5.6	23.3	7.0	23.6	5.3	29.3	4.8	28.3	4.2	15.9	8.4	13.5
2012-09-18	6.1	23.3	7.2	22.8	5.9	30.1	5.4	28.8	4.8	17.3	9.0	15.8
2012-09-25	6.5	22.9	7.0	22.3	6.2	30.4	5.7	27.6	5.4	16.4	8.8	16.4
2012-10-02	5.9	24.2	6.3	23.3	6.0	31.2	5.3	28.3	4.3	18.7	7.0	18.5
2012-10-09	6.6	23.8	5.7	25.6	6.9	31.1	5.4	27.5	6.1	17.4	8.4	17.9
2012-10-16	6.7	22.9	4.7	26.6	7.3	29.3	5.2	26.3	6.8	15.7	8.0	16.6
2012-10-23	7.5	20.4	5.1	24.4	9.1	25.9	5.5	23.7	7.2	14.0	9.3	14.3
2012-10-30	8.5	17.2	5.5	21.6	11.4	22.0	5.5	20.9	8.6	10.3	9.3	10.3
2012-11-06	8.3	14.8	5.1	18.7	12.4	20.3	5.1	20.8	7.9	9.6	8.5	8.6
2012-11-13	7.3	15.1	5.4	17.2	11.5	19.3	4.6	21.7	5.2	10.4	6.7	8.7
2012-11-20	6.3	16.8	5.1	18.2	9.4	20.0	4.1	24.4	4.7	10.8	6.1	8.9
2012-11-27	6.0	17.2	5.0	18.7	7.3	21.2	4.9	25.5	4.4	10.8	7.4	8.9
2012-12-04	6.2	17.2	4.8	20.1	5.8	21.8	5.8	25.7	5.5	9.9	7.5	8.6
2012-12-11	6.5	16.3	4.3	19.3	5.5	21.0	6.1	24.0	6.9	7.9	9.1	6.3
2012-12-18	6.7	16.6	3.6	23.2	5.8	24.0	7.1	27.1	6.5	7.8	8.0	6.0
2012-12-25	6.4	17.7	3.0	25.6	5.8	24.4	6.8	28.8	5.4	7.5	7.4	5.8
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
2013-06-04	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
2013-06-25	8.7	22.2	7.5	29.0	10.4	34.3	7.6	23.4	8.8	12.4	8.3	11.5
2013-07-02	8.8	21.4	7.8	27.3	10.9	29.8	7.7	21.4	7.7	11.7	8.1	11.0
2013-07-09	8.6	21.3	7.6	27.5	10.8	26.9	7.5	21.2	7.5	12.1	7.2	11.7
2013-07-16	7.9	19.3	7.3	24.9	9.3	21.9	7.2	18.2	6.3	12.1	6.9	11.9
2013-07-23	7.8	18.3	8.0	23.9	8.0	20.3	7.0	17.8	7.0	12.7	7.4	12.5
2013-07-30	7.9	17.5	8.2	24.0	7.4	19.6	7.1	18.0	8.0	14.0	8.0	13.8
2013-08-06	7.6	17.4	8.2	23.6	6.2	19.4	6.9	18.2	7.1	14.5	9.0	14.4
2013-08-13	7.8	16.4	8.4	22.8	6.2	18.9	7.2	17.9	6.8	13.4	9.7	13.2
2013-08-20	7.9	16.1	8.0	23.0	6.9	18.6	7.3	17.8	6.6	12.7	8.8	12.7
2013-08-27	7.8	16.2	8.0	20.5	6.8	16.7	7.4	16.4	6.6	11.3	8.0	11.5
2013-09-03	7.9	15.2	8.1	19.5	7.2	16.4	7.3	16.5	6.9	11.4	8.1	11.7
2013-09-10	8.0	14.6	7.8	18.9	7.6	16.7	7.3	17.3	7.5	10.4	8.8	10.8
2013-09-17	8.2	14.0	7.6	17.7	7.1	15.6	7.9	16.7	7.2	9.1	9.1	9.4
2013-09-24	8.6	12.7	7.2	19.3	7.8	17.1	8.1	18.0	7.8	9.1	9.7	9.4
2013-10-01	8.8	12.1	7.0	18.4	8.4	16.3	8.6	16.8	7.4	7.3	9.2	7.9
2013-10-08	8.5	12.2	6.7	18.9	8.5	17.2	8.4	17.1	7.4	5.9	8.1	6.6
2013-10-15	7.8	12.5	6.2	18.2	7.5	17.8	7.6	17.2	7.3	5.1	7.0	6.1
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	5.7	23.0	8.1	22.0	8.1	28.3	6.3	8.0	7.6	7.1
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

Source: NRCan

Crude Oil Overview

Crude Oil Prices Decline as Supply Concern Ease

For the week ending July 4, 2014, prices for the three marker light crudes averaged between $652/m³ and $749/m³, (US$97 to US$112 per barrel). This is a decrease of $13 to $18/m³ (US$1.53 to US$2.10 per barrel) compared to the previous week. Compared to last year at the same time, prices are higher ranging from $29/m³ to $53/m³, (US$3 to US$7 per barrel). Western Canadian Select prices averaged $561/m³ (US$84 per barrel), down $17/m³ (US$2.06 per barrel) from the previous week.

Brent crude oil prices moved downward as fear of supply disruption eased in Libya and Iraq. Meanwhile, continuing peace negotiations between Ukraine, France, Germany, and Russia also contributed to ease crude oil supply concerns and lower prices.

High U.S. crude oil inventory levels, currently at their highest five-year average range, helped moderate the rise in WTI crude oil prices which in turn put downward pressure on refined product prices.

Figure 6: Crude Oil Price Comparisons

Text version

Figure 6

This graph shows crude oil prices for Edmonton Par (Canadian Light Sweet after May 1, 2014), WTI, Brent and WCS. The average weekly prices for the period ending July 4, 2014, were $652/cubic metres, $703/cubic metres, $749/cubic metres and $561/cubic metres for the Canadian Light, WTI, Brent and WCS, respectively.

Please note that as of May 1, 2014, the Edmonton Par crude oil prices are discontinued and replaced with the Canadian Light Sweet, a blend traded daily on the Net Energy Index and considered a benchmark crude for the Canadian crude market.

Dates	Edmonton Par Prices (Canadian Light Sweet afterMay 1, 2014)	WTI	Brent	WCS
01/12	608.11	639.88	709.45	551.13
02/12	594.50	640.89	750.59	520.48
03/12	538.60	663.34	780.71	468.90
04/12	528.21	644.60	751.91	439.53
05/12	548.81	601.64	704.10	477.03
06/12	507.78	532.76	618.43	429.13
07/12	477.07	560.69	659.07	408.58
08/12	544.82	587.49	707.75	430.74
09/12	570.15	582.08	697.56	481.00
10/12	578.61	555.66	694.60	496.00
11/12	539.87	543.52	686.30	454.40
12/12	467.14	549.56	680.33	360.23
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
July 4, 2014	651.71	703.00	749.35	561.05

Sources: NRCan

Changes in Crude Oil Prices

Crude Oil Types	Week Ending: 2014-07-04		Change From: Previous Week		Change From: Last Year
	$Can/ m3	$US/ bbl	$Can/ m3	$US/ bbl	$Can/ m3	$US/ bbl
Canadian Light	651.71	97.16	-13.49	-1.53	+29.30	+3.19
WTI	703.00	104.81	-11.79	-1.24	+37.04	+4.30
Brent	749.35	111.72	-17.76	-2.10	+52.86	+6.60
WCS	561.05	83.65	-16.59	-2.06	-12.66	-2.94

Source: NRCan

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