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MARKET
ANALYSIS
AS PREPARED BY COMMISSION STAFF
May 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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May 1 |
$ 99.42 |
$107.76 |
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May 2 |
$ 99.76 |
$108.59 |
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May 5 |
$ 99.48 |
$107.72 |
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May 6 |
$ 99.50 |
$107.06 |
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May 7 |
$100.77 |
$108.13 |
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May 8 |
$100.26 |
$108.04 |
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May 9 |
$ 99.99 |
$107.89 |
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May 12 |
$100.59 |
$108.41 |
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May 13 |
$101.70 |
$109.24 |
Average
Brent Crude for May:
$108.09. |
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West Texas Intermediate |
| |
Average |
Average |
Average |
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|
2014 |
2013 |
2012 |
|
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 |
$102.15 |
$ 89.59 |
$103.18 |
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May |
$100.16 |
$ 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 |
|
$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 |
|
$ 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 |
|
May 13/14 |
$101.70 |
141.9 |
110.3 |
147.3 |
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May 13/13 |
$ 95.17 |
126.4 |
98.8 |
133.8 |
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YOY Diff. |
+6.53 |
+15.5 |
+11.5 |
+13.5 |
|
% Change |
+6.9% |
+12.3% |
+11.6% |
+10.1% |
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Commentary: |
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While
relative stability has been observed in both Brent and WTI
crude market pricing over the past two weeks, refined
product wholesale rack pricing has dropped significantly in
reaction to inventory restoration from both increased
domestic market production and increased import activity. |
Economic Data: |
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The US Energy Department
("DOE") weekly petroleum inventory assessment, issued
May 7, 2014, reported an decrease in US crude stocks of
1,800,000 barrels.
US gasoline inventories
increased by 1,600,000 barrels over the previous reporting
period. Implied gasoline demand increased in this reporting
period by 26,000 b/d.
US
distillate inventories decreased by 400,000 barrels.
US refinery utilization increased by 0.8 percent to
90.2.% of capacity.
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Weekly
(bbl) |
Year over Year
% Change |
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Crude |
-1,800,000 |
+0.5% |
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Gasoline |
+1,600,000 |
-0.9% |
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Distillates |
-400,000 |
-3.0% |
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Source: DOE May 7, 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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