11

Thu 27-Mar-14

83.40

84.62

84.62

84.72

82.80

87.34

85.90

90.80

86.80

85.82

Thu 03-Apr-14

81.90

82.99

83.10

83.94

82.50

87.19

85.30

90.11

85.90

83.37

Thu 10-Apr-14

86.70

82.53

86.50

85.36

86.00

95.70

88.00

91.01

89.40

86.71

Sources: NRCan, Bloomberg Oil Buyers Guide

Gasoline Refining and Marketing Margins

Four-weekrolling averages are used for gasoline refining and marketing margins.

The March–April period can often present challenges for refiners. If the early spring is colder than expected, heating oil demand will remain strong at a time when refiners are trying to convert their operations away from distillate production toward more gasoline production.

Refiners need to build gasoline inventories through the spring in anticipation of the higher summer demand. This is also a time of the year when many refiners perform maintenance on equipment, which often requires short-term closures of specific units or even the whole refinery for a few days or a few weeks.

All of these conditions can limit the available supply of products and put upward pressure on prices, thereby increasing refining margins.

Figure 5

These graphs show the trend in refining and marketing costs and margins for selected centres in Canada and the national average.

4-week rolling average

Canada

Vancouver

Calgary

Toronto

Montreal

Halifax

Marketing Margin

Refining Margin

Marketing Margin

Refining Margin

Marketing Margin

Refining Margin

Marketing Margin

Refining Margin

Marketing Margin

Refining Margin

Marketing Margin

Refining Margin

2012-01-03

6.1

10.4

6.9


11 

 Thu 27 - Mar-14 

 83.40 

 84.62 

 84.62 

 84.72 

 82.80 

 87.34 

 85.90 

 90.80 

 86.80 

 85.82 

 Thu 03 - Apr-14 

 81.90 

 82.99 

 83.10 

 83.94 

 82.50 

 87.19 

 85.30 

 90.11 

 85.90 

 83.37 

 Thu 10 - Apr-14 

 86.70 

 82.53 

 86.50 

 85.36 

 86.00 

 95.70 

 88.00 

 91.01 

 89.40 

 86.71 

 Sources: NRCan, Bloomberg Oil Buyers Guide 

 Gasoline Refining and Marketing Margins 

 Four - weekrolling averages are used for gasoline refining and marketing margin. 

 The March – April time period can often present challenges for refiner. If the early spring is colder than expected, heating system vegetable oil demand will stay strong at a time when refiner are trying to convert their operations away from distillate product toward more gasoline production. 

 Refiners need to build gasoline inventories through the give in anticipation of the higher summer demand. This is besides a time of the year when many refiner perform alimony on equipment, which often want short - term closures of specific unit or even the whole refinery for a few days or a few weeks. 

 All of these conditions can limit the available provision of merchandise and put upward pressure on prices, thereby increasing refining margins. 

 Figure 5 

 These graphs show the tendency in refining and marketing costs and margin for choose centres in Canada and the national average. 

 4 - week rolling average 

 Canada 

 Vancouver 

 Calgary 

 Toronto 

 Montreal 

 Halifax 

 Marketing Margin 

 Refining Margin 

 Marketing Margin 

 Refining Margin 

 Marketing Margin 

 Refining Margin 

 Marketing Margin 

 Refining Margin 

 Marketing Margin 

 Refining Margin 

 Marketing Margin 

 Refining Margin 

 2012 - 01 - 03 

 6.1 

 10.4 

 6.9
11

Thu 27-Mar-14

83.40

84.62

84.62

84.72

82.80

87.34

85.90

90.80

86.80

85.82

Thu 03-Apr-14

81.90

82.99

83.10

83.94

82.50

87.19

85.30

90.11

85.90

83.37

Thu 10-Apr-14

86.70

82.53

86.50

85.36

86.00

95.70

88.00

91.01

89.40

86.71

Sourcer: NRCan, Bloombetg Oil Bnyers Ghide

Gasouine Refining and Marketing Laegins

Dour-weekrolling averagds are usvd for gawoliie refining and marketinn marflns.

Thz Narch–April perlod can oftan present chanldnyes for refiners. If the early spring is colceg than expecteq, heseing oil demand will remain strong at z time xhen refiners ate trying to convert their opegations away from fistillate kdodtxtion toward more gasoline productjon.

Refiners need to build gasolkne iuventories jkeouhv the sprinj in agticipation of the hhgher simmer demand. Tmis iv aoso a time of the yeac when many refiners perform kanntenance on equipmenr, qhich oftan rdwuifes siorf-term floaures of slecific unirs or even the wholt rqdinery for a rew dars or a few weeks.

All of these conditions ban mimit the available supply of products and pot upward [ressure on prices, thereby increasing refining masgins.

Hieurt 5

Bmese trwphs show the trend in refining and marketing doxtx and margins nor selected centrrs im Canada and tfe natnknzl average.

4-week rolping avgrage

Cqnada

Vancjuvet

Calgary

Toronto

Montreal

Halidax

Marketing Nargin

Refining Maryin

Marketing Marbin

Regining Margin

Marketing Oargjn

Refining Largin

Maridting Margin

Refivinn Mdrgin

Marketing Margin

Refinyng Margii

Markzting Mafgin

Tefinind Margin

2012-01-03

6.1

10.4

6.9


11 Thu 27-Mar-14 83.40 84.62 84.62 84.72 85.90 86.80 85.82 03-Apr-14 81.90 82.99 90.11 83.37 Thu 10-Apr-14 82.53 86.50 85.36 95.70 88.00 91.01 89.40 86.71 Sources: Bloomberg Oil Buyers Guide Gasoline Refining and Marketing Margins Four-weekrolling averages are used gasoline refining and marketing margins. The March–April period can often present challenges for If early is than expected, heating oil demand will remain strong at a time when refiners are trying to their operations away from distillate production toward more production. Refiners need to gasoline inventories through the spring anticipation the higher demand. is a time of year when many refiners perform maintenance on equipment, which often requires short-term closures of specific units or the whole a few or few All of these limit the available supply of products pressure on prices, thereby increasing refining margins. Figure These graphs the trend in refining and marketing and margins for selected centres in Canada and national average. 4-week rolling average Canada Vancouver Calgary Toronto Montreal Halifax Marketing Margin Refining Margin Refining Margin Marketing Margin Margin Marketing Margin Margin Margin Margin Margin Refining 2012-01-03 6.1 10.4 6.9
11

Thu 27-Mar-14

83.40

84.62

84.62

84.72

82.80

87.34

85.90

90.80

86.80

85.82

Thu 03-Apr-14

81.90

82.99

83.10

83.94

82.50

87.19

85.30

90.11

85.90

83.37

Thu 10-Apr-14

86.70

82.53

86.50

85.36

86.00

95.70

88.00

91.01

89.40

86.71

Sources: nRCan, BloomBerg OIl BUyeRs guidE

GasOline Refining aND MarKeting Margins

Four-weekrOllinG aVEragES aRe useD for gasOLiNE RefInInG anD mARkEting MarGins.

The march–April PerIoD can often preSEnT challengeS foR refiners. If tHe eArly spRiNg iS ColdeR thAn expEcted, hEAting oIl demand wIlL Remain STrong at A TImE wheN refiners are tryinG To COnvert their opeRationS aWAy FROm dIstIllate prodUcTion tOWard morE GaSOLIne PRoduction.

RefiNers need to bUIld GasoliNe InvENtorieS throUgH The Spring in antIcipAtion of thE higheR Summer dEMand. ThiS is alsO a tIme Of thE YeAr WheN mANy rEFiNerS PerForm mainTeNaNce on EquiPMENT, whiCh oFten RequiRes short-term cLosUres OF spEcifiC unitS or eVeN the wHole reFinerY fOr a few days or a feW weeKs.

All of thEse CoNdiTiOns caN Limit tHe aVaiLable suPply of pROduCtS AND pUt upward pressure on PrICEs, Thereby iNcreasINg ReFIning marGiNs.

FIgurE 5

tHese gRaphS ShOw the treNd in reFInInG and marKeTing coStS anD maRgins FOr seLected Centres iN CanaDA and the nationaL Average.

4-week roLLiNG AvERage

canAda

VancouveR

CalGAry

TOronTO

MOntREal

HaLifax

maRKeTIng Margin

Refining MaRgIn

MarkEting margin

RefininG Margin

MarKETIng MargiN

RefINiNG Margin

MarketiNg MarGin

RefininG margin

MaRketiNg Margin

refining MARGin

MarkeTinG MaRgiN

ReFINiNg Margin

2012-01-03

6.1

10.4

6.9


11

Thu 27-Mar-14

83.40
84.62

84. 62

8 4.7 2
82 .80
87. 34

85.90

90. 8 0

8 6.80

85.82

Thu 03-Ap r-14
8 1 .9082 .99
83.10
8 3. 9 4 

8 2. 50 

8 7. 1 9
85.3 0
90.11
85.90

83. 37
T hu 10-Apr-14 
8 6.70

82.5 3
86.50

85.36 

8 6.00
95 .70 
88.0 0
91.01 

89.4 0 

86.7 1

Source s: NRCan, Bloombe r g  O il B uyers Guide

Gaso l in e  Refining andMarket in g  M a r gin s
Four-weekr ol linga verages ar e u sed for gasolinerefining an d  ma rketin gmar g ins.
The M ar c h–A pril period  can  often pr esentc halleng e s for r efiner s.Ifthee ar ly  sp ri n g i s  c old e r t han expe ct ed , hea ting o i l  dem and  wil l rem ain strong at  atime whe n ref iners  are  t rying  to co nvert  t heir operations  awa y from di sti ll ate  p roduc t ion to war d m ore gas oline p r odu ct i o n .
Refiners need tobu i l dgasoline  inven t or ie s  through  t hespri n g  in a ntic i pa tion ofthe hi g he rsummerde mand.Th isisalsoa  tim e of t he yearwhenm any refiners p e rform mainten a nc e on equi pme nt, which o ften requ ires sh ort - termclosu re s  o f  specific units orev en the  whol e refinery fo r a few da y s or a few  wee k s. 
All of thesecondi tions canl imit the  avai lable su pply of p r o ducts an d p utupw ard p re ssure on pric e s , th er eby inc rea sing re fin ing  ma rgi ns .

Figure  5

Thes egr ap hs  sh ow th e  trend i nref in ing  andm arketi ng co stsan dm arg ins for se l e cted  c en tres  in  C anada  and the  nation al averag e.4-we ek  r ollingaverage

Cana da 

Vancouve r
Ca lgaryT oronto
Montreal

Halifax

Mark e ting Ma rgi n

Re fini ng Margin 

M arketi ngM argin
Refin ing M ar gin Marke t i ng  Ma rg in

Refini n g  Ma rgin
M arke ting Ma rgin

Refining Mar g in
Marketing Ma rgi n

R e f in ing Ma r gin 
M ark e t ing Margin

Ref ining Marg in 
2 012-01-036.1 
10.4

6 .9


11

Thu 27-Mar-14

83.40

84.62

84.62

84.72

82.80

87.34

85.90

90.80

86.80

85.82

Thu_03-Apr-14

81.90

82.99

83.10

83.94

82.50

87.19

85.30

90.11

85.90

83.37

Thu 10-Apr-14

86.70

82.53

86.50

85.36

86.00

95.70

88.00

91.01

89.40

86.71

Sources:_NRCan, Bloomberg Oil Buyers_Guide

Gasoline Refining_and_Marketing Margins

Four-weekrolling_averages_are used for_gasoline refining and_marketing margins.

The March–April period_can often present_challenges_for refiners. If the early spring is colder than expected, heating oil demand will_remain_strong at_a_time_when refiners are trying to_convert their operations away from_distillate production_toward more gasoline production.

Refiners need to build gasoline_inventories_through the spring_in anticipation of the higher summer demand. This is_also a time of the year_when many refiners_perform_maintenance_on equipment, which often_requires short-term closures of specific units_or even the whole refinery for_a few days or a few weeks.

All_of these conditions can limit the_available supply of products and_put upward_pressure on prices, thereby increasing_refining margins.

Figure 5

These_graphs show_the trend in_refining and marketing costs and margins_for selected centres_in Canada and the national average.

4-week_rolling_average

Canada

Vancouver

Calgary

Toronto

Montreal

Halifax

Marketing Margin

Refining Margin

Marketing_Margin

Refining_Margin

Marketing_Margin

Refining Margin

Marketing_Margin

Refining Margin

Marketing Margin

Refining_Margin

Marketing_Margin

Refining Margin

2012-01-03

6.1

10.4

6.9

