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MARKET
ANALYSIS
AS PREPARED BY COMMISSION STAFF
April 14, 2014
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.
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Recent Crude (US$/bbl) |
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WTI |
Brent |
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Apr 1 |
$ 99.74 |
$105.62 |
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Apr 2 |
$ 99.62 |
$104.79 |
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Apr 3 |
$100.29 |
$106.16 |
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Apr 4 |
$101.44 |
$106.72 |
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Apr 7 |
$100.44 |
$105.82 |
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Apr 8 |
$102.56 |
$107.67 |
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Apr 9 |
$103.60 |
$107.98 |
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Apr 10 |
$103.40 |
$107.46 |
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Apr 11 |
$103.74 |
$107.33 |
Average
Brent Crude for April:
$106.62. |
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West Texas Intermediate |
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Average |
Average |
Average |
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2014 |
2013 |
2012 |
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January |
$ 94.73 |
$ 94.70 |
$100.51 |
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February |
$100.57 |
$ 95.50 |
$102.26 |
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March |
$100.46 |
$ 92.73 |
$106.36 |
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April |
$101.61 |
$ 89.59 |
$103.18 |
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May |
|
$ 94.93 |
$
95.47 |
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June |
|
$ 95.76 |
$
82.28 |
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July |
|
$104.68 |
$
87.93 |
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August |
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$106.49 |
$
94.05 |
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September |
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$106.24 |
$
94.74 |
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October |
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$100.74 |
$
89.72 |
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November |
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$ 94.00 |
$
85.87 |
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December |
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$ 97.87 |
$
88.06 |
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US $
Per Barrel |
CDN
Cents
Per Litre |
CDN Cents
Per Litre |
CDN Cents
Per Litre |
| |
CRUDE |
RUL |
F/O |
DIESEL |
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Apr 10/14 |
$103.40 |
135.1 |
113.3 |
150.8 |
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Apr 10/13 |
$ 94.64 |
133.3 |
106.3 |
142.4 |
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YOY Diff. |
+8.76 |
+1.8 |
+7.0 |
+8.4 |
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% Change |
+9.3% |
+1.4% |
+6.6% |
+5.9% |
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Commentary: |
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WTI
and Brent crude pricing are up 4% and 1.6% respectively
since April 1 with geopolitical tension in Europe and a
weakened U.S. dollar being the primary contributing
factors. A sharp decline in DOE reported Atlantic Coast
gasoline inventories this past week served to generate
significant increases in that product's wholesale rack
prices. Alternatively, favourable inventory positions of
distillate inventories are supporting reductions in
wholesale rack prices of furnace oil and diesel.
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Economic Data: |
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The US Energy Department
("DOE") weekly petroleum inventory assessment, issued
April 9, 2014, reported an increase in US crude stocks of
4,030,000 barrels.
US gasoline inventories
decreased by 5,190,000 barrels over the previous reporting
period. Implied gasoline demand increased in this reporting
period by 283,000 b/d.
US
distillate inventories increased by 239,000 barrels.
US refinery utilization decreased by 0.2 percent to
87.5% of capacity.
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Weekly
(bbl) |
Year over Year
% Change |
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Crude |
+4,030,000 |
-1.2% |
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Gasoline |
-5,190,000 |
-5.4% |
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Distillates |
+239,000 |
-0.3% |
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Source: DOE April 9, 2014 |
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Legend: |
| DOE |
Department of Energy |
| RUL |
Regular Unleaded Gasoline |
| F/O |
Furnace Oil |
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WTI |
West Texas Intermediate |
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