MARKET ANALYSIS
AS PREPARED BY COMMISSION STAFF
February 28, 2013

 

The following analysis has been used by the Commission as part of its price adjustment methodology and is provided here to assist the public in understanding some of the background factors influencing current market prices.

 

Crude Track:
  Recent WTI Crude (US$/bbl)
 

Feb 14

$97.31
 

Feb 15

$95.86
 

Feb 19

$96.66
 

Feb 20

$94.46
 

Feb 21

$92.84
 

Feb 22

$93.13
 

Feb 25

$93.11
 

Feb 26

$92.63
 

Feb 27

$92.76
 Average Brent Crude for February: $116.26
 
  Average Average Average
  2013 2012 2011
January  $ 94.70  $100.51  $89.44
February  $ 95.50  $102.26  $88.83
March    $106.36  $102.74
April    $103.18  $109.67
May    $ 95.47  $101.29
June    $ 82.28  $96.40
July    $ 87.93  $97.43
August    $ 94.05  $86.23
September    $ 94.74  $86.13
October    $ 89.72 $86.10
November    $ 85.87 $96.86
December    $ 88.06 $98.51
         
  US $
Per Barrel		 CDN  Cents
Per Litre		 CDN Cents
Per Litre		 CDN Cents
Per Litre
  CRUDE RUL F/O DIESEL
Feb 27/13 $ 92.76 128.3 114.4 140.2
Feb 27/12 $108.56 121.7 106.3 131.7
YOY Diff. - 15.80 +6.6 +8.1 +8.5
% Change -15% +5.4% +7.6% +6.5%

Commentary:


1. Platts Inventory Update:

The U.S. Energy Department ("DOE") petroleum inventory assessment, issued Feb 27, 2013 reported an increase in U.S. commercial crude stocks of 1.13 million barrels.  U.S. crude stocks climbed despite increased refinery utilization and declines in U.S. domestic crude production.  U.S. refinery utilization increased by 2.2 percent to 85.1%.  U.S. gasoline inventories declined as implied demand outpaced increased production and imports of refined product.  Distillate inventories increased marginally.


DOE Report:

 

 

 

Weekly
(bbl)

Year over Year
% Change
 

Crude

 +1,130,000 +9.5%
 

Gasoline

 -1,857,000 +0.06%
 

Distillates

 +557,000 -12.2%
  U.S. refinery utilization increased by 2.2% to 85.1%.
Source: DOE February 27, 2013

Note:

Legend:
DOE Department of Energy
RUL Regular Unleaded Gasoline
F/O Furnace Oil
WTI West Texas Intermediate