Summer Energy Outlook 2009

Strategy & Analysis Business Unit
28 May 2009

Oil & Gasoline Market Overview

Oil Prices Lower But Uncertainty Remains

Oil Prices: Key Uncertainties

Total Commercial Stocks in Three Major Markets

Oil Market Price Pressures

Crude Oil vs. Gasoline

U.S. Commercial Gasoline Stocks

Gasoline Market Factors

Oil and Gasoline Summary

Natural Gas Market Overview

North American Drilling Activity

Canada + U.S. Lower 48 Natural Gas Supply

North American Disposition Outlook 2009

North American Gas Storage

Natural Gas Price Pressures

Electricity Market Overview

Electricity Supply is Adequate

Canadian Electricity Exports and Imports
(Gigawatt hours)

Electricity Market Factors

Summer Energy Outlook Summary

Questions?