Winter Energy Outlook 2009 - We expect a return to growth in energy demand to follow an economic recovery

Strategy & Analysis Business Unit
3 November 2009

Oil Market Overview

Oil Prices Rising but Uncertainty Remains

Oil Market: Key Uncertainties

Europe + U.S. + Japan Total Commercial Stocks

Oil Market Price Pressures

Heating Oil Market Overview

Canadian Heating Oil Prices

U.S. Atlantic Coast Distillate Inventory

Heating Oil Drivers

Natural Gas Market Overview

North American Drilling Activity

Canada + U.S. Lower 48 Natural Gas Supply

North American Demand Outlook

North American Gas Storage

Natural Gas Price Pressures

Electricity Market Overview

Electricity Supply is Adequate

Electricity Developments

Canadian Electricity Exports and Imports

Electricity Market Factors

Winter Energy Outlook 2009 Summary

Winter Outlook Summary

Questions?