Commodity Prices and Trade Updates

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Prices and Trade

Monthly Data Tables – February 2019

The prices for each commodity in Canada track U.S. benchmark prices, with differences primarily related to the cost of transportation and regional supply and demand dynamics. Crude oil and propane prices are generally quoted in U.S. dollars, whereas natural gas and electricity prices are often quoted in Canadian dollars due to their higher proportion of domestic retail sales. Changes in the exchange rate affect revenue received for exports (or the cost of imports). The table below shows Canadian and U.S. benchmark prices, with recent month-to-month and year-over-year comparisons.

Commodity Price Update
Commodity Price Update
  2019 2018
February January YTD avg. February January Avg.
Exchange Rate Canadian $ / U.S. $ 1.32 1.33 1.33 1.26 1.24 1.30
Crude Oil Prices
(US$/bbl)
West Texas Intermediate 54.45 51.38 52.92 62.23 63.70 65.08
Brent 63.26 58.53 60.90 65.32 69.08 71.24
Western Canadian Select 43.10 34.30 38.70 37.72 42.53 38.46
Natural Gas Prices
(CA$/GJ)
Henry Hub 3.33 3.95 3.16 3.15 4.29 3.71
Alberta NIT 3.01 1.79 2.90 1.90 1.97 1.44
Dawn, ON 3.36 4.00 3.43 3.18 4.33 3.71
Station 2, Westcoast Spectra, BC 1.54 1.34 2.74 1.79 1.62 1.22
Propane Prices
(US cents per gallon)
Edmonton 43.9 39.8 95.6 60.4 78.0 49.0
Sarnia 85.2 79.5 96.5 107.2 117.6 91.4
Mont Belvieu 66.5 65.8 79.2 82.1 90.3 86.7
Conway 59.3 54.9 87.8 67.3 86.6 71.2
Electricity Prices
(CA$/MW.h)
Alberta (AESO On-Peak) 128.73 40.41 53.74 32.70 45.96 59.06
Ontario (IESO On-Peak) 32.56 33.00 82.60 22.45 36.98 28.41
Ontario (IESO On-Peak + Global Adjustment) 114.92 113.92 95.20 104.12 104.34 119.93
Sources and Notes

Sources: Exchange Rate: Bank of Canada; Crude Oil Prices: Alberta Department of Energy, Daily Oil Bulletin, EIA. Natural Gas Prices: NGX, Platts Gas Daily; Propane Prices: Butane-Propane News; Electricity Prices: IESO, AESO.

Note: Visit the NEB Energy Conversion Tables for unit conversions. E = Estimate

Canada is a net exporter of crude oil, natural gas, propane and electricity. The NEB regulates the exports of crude oil, refined petroleum products, natural gas, NGLs and electricity. The NEB also regulates natural gas imports and collects statistics for electricity imports. The table below shows these commodity exports and imports, with recent month-to-month and year-over-year comparisons.

Trade Volumes Update
Trade Volumes Update
    2018 2017
    December November YTD avg. December November Avg.
Crude Oil
Volumes (Mb/d)
Exports 3,749 3,752 3,557 3,443 3,212 3,321
Refined Petroleum
Products
Volumes (Mb/d)
Exports 274 187 267 242 291 296
 Natural Gas
Volumes (Bcf/d)
Exports 7.47 6.68 7.76 8.05 7.54 8.25
Imports 2.81 3.13 2.20 1.83 2.36 2.41
Net Exports 4.66 3.55 5.56 6.22 5.19 5.83
Propane
Volumes (Mb/d)
Exports 220 171 153 198 183 138
Butanes
Volumes (Mb/d)
Exports 68 73 48 40 44 30
Electricity
(GW.h/month)
Exports 5,109 4,575 5,121 5,435 4,873 6,012
Imports 1,038 1,325 1,100 749 685 825
Net Exports 4,071 3,250 4,022 4,685 4,188 5,186
Sources and notes

Sources: National Energy Board, Commodity Tracking System data

Note: Refined petroleum products includes non-confidential categories only, such as motor gasoline, middle distillate, and heavy fuel oil. Recent and historical trade statistics are available from the Commodity Tracking System (crude oil, natural gas, and electricity) and the volume and price queries (natural gas liquids).

Visit the NEB Energy Conversion Tables for unit conversions.

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