Selected Average Benchmark Prices(1)
| Crude Oil Prices (US$/bbl) |
Oct |
Q3 |
Q2 |
Q1 |
| Dated Brent |
75.66 |
80.18 |
84.94 |
83.24 |
| West Texas Intermediate ("WTI") @ Cushing |
71.56 |
75.09 |
80.57 |
76.96 |
Differential Dated Brent - WTI |
4.10 |
5.09 |
4.37 |
6.28 |
| Western Canadian Select ("WCS") @ Hardisty |
57.85 |
61.54 |
66.96 |
57.65 |
Differential - WTI-WCS |
13.71 |
13.55 |
13.61 |
19.31 |
| Condensate (C5 @ Edmonton) |
71.26 |
71.19 |
77.14 |
72.78 |
Differential – Condensate-WTI premium/(discount) |
(0.30) |
(3.90) |
(3.43) |
(4.18) |
| Refining Benchmarks (US$/bbl)(2) |
Oct |
Q3 |
Q2 |
Q1 |
| Chicago 3-2-1 Crack Spread |
14.66 |
18.62 |
18.76 |
17.45 |
| Group 3 3-2-1 Crack Spread |
16.55 |
18.95 |
18.13 |
17.50 |
| Renewable Identification Numbers ("RINs") |
4.35 |
3.89 |
3.39 |
3.68 |
| Weighted Average Crack Spread, Net of RINs |
10.68 |
14.79 |
15.25 |
13.78 |
| Refined product prices (US$/bbl) |
Oct |
Q3 |
Q2 |
Q1 |
| Chicago Regular Unleaded Gasoline ("RUL") |
82.70 |
92.29 |
99.09 |
89.48 |
| Chicago Ultra-low Sulphur Diesel ("ULSD") |
93.26 |
96.55 |
99.80 |
104.27 |
| CAD Refining Benchmarks (CS$/bbl)(3) |
Oct |
Q3 |
Q2 |
Q1 |
| Upgrading Differential |
21.15 |
20.26 |
22.28 |
15.65 |
| Natural Gas Prices |
Oct |
Q3 |
Q2 |
Q1 |
| AECO(4) (C$/Mcf) |
1.14 |
0.69 |
1.18 |
2.50 |
| NYMEX (US$/Mcf) |
2.59 |
2.16 |
1.89 |
2.24 |
| Foreign Exchange Rate |
Oct |
Q3 |
Q2 |
Q1 |
| US$ per C1$ Average |
0.727 |
0.733 |
0.731 |
0.741 |
(1) Benchmark prices and margins are sourced from various exchanges and price assessment providers, including Argus and Platts. This information will be updated monthly and may be subject to error.
(2) The 3-2-1 crack spread is an indicator of the refining margin generated by converting three barrels of crude oil into two barrels of regular unleaded gasoline and one barrel of ultra-low sulphur diesel using current month WTI based crude oil feedstock prices and on a last in, first out accounting basis (“LIFO”).
(3) The upgrading differential is the difference between synthetic crude oil at Edmonton and Lloydminster Blend crude oil at Hardisty. The upgrading differential does not precisely mirror the configuration and the product output. of our refineries; however it is used as a general market indicator.
(4) AECO refers to the AECO 5A natural gas daily index.
