Yahoo Finance Gas prices slip as 'fear factor in the price of crude' seen to fall
Gas prices across Canada slipped less than a penny per litre over the past seven days, according to data from Kalibrate. The decline is widely seen as a result of falling crude prices, as Israel's leader signalled his nation's military campaign against Iran would not target oil facilities.
"The threat of an attack has been artificially supporting higher crude and gasoline prices," En-Pro chief petroleum analyst Roger McKnight wrote in a blog post on Thursday. "With that threat gone, so has the fear factor in the price of crude."
This week's biggest discounts were in Kelowna, B.C. and Calgary. Meanwhile, the Maritimes were hit with increases due to refinery maintenance at the Irving facility in St. John, the largest such facility in Canada.
"Refining margins have hit five-year lows due to lower demand for all refined products and increasing refining capacity coming on stream mostly in the Asia-Pacific market orbit," McKnight added. "This puts the supply/demand picture out of focus. There is no point in running a refinery at capacity in a weakened demand atmosphere."
Slower demand growth and softer prices were a key theme in the International Energy Agency's (IEA) latest World Energy Outlook.
"The rise of electric mobility, led by China, is wrong-footing oil producers,” the IEA stated in its annual flagship report. “The slowdown in oil demand growth … puts major resource owners in a bind as they face a significant overhang of supply.”
Under one clean energy-intensive scenario, the agency says oil prices could fall to just US$25 per barrel by 2050, well below current levels.
Follow Yahoo Finance Canada for more weekly gas price updates. Scroll below to find your nearest city.
(All figures in CAD cents)
Location | Oct. 10 | Oct. 17 | Price Change |
Canada Average (V) | 156.2 | 156 | -0.2 |
WHITEHORSE | 184.9 | 184.9 | 0 |
VANCOUVER* | 176 | 178.5 | 2.5 |
VICTORIA | 174.2 | 172.6 | -1.6 |
PRINCE GEORGE | 159.6 | 159.1 | -0.5 |
KAMLOOPS | 163.6 | 159.9 | -3.7 |
KELOWNA | 166.8 | 159.5 | -7.3 |
FORT ST. JOHN | 165.3 | 164.9 | -0.4 |
ABBOTSFORD | 166.7 | 172.7 | 6 |
YELLOWKNIFE | 162.9 | 162.9 | 0 |
CALGARY* | 153.4 | 146.7 | -6.7 |
RED DEER | 149 | 150.8 | 1.8 |
EDMONTON | 148.7 | 143.8 | -4.9 |
LETHBRIDGE | 147.4 | 145.4 | -2 |
LLOYDMINSTER | 148 | 148.2 | 0.2 |
GRANDE PRAIRIE | 161.4 | 159.9 | -1.5 |
REGINA* | 148.8 | 148.8 | 0 |
SASKATOON | 148.5 | 144 | -4.5 |
PRINCE ALBERT | 148.9 | 148.9 | 0 |
MOOSE JAW | 150.4 | 148.9 | -1.5 |
WINNIPEG * | 136.6 | 138 | 1.4 |
BRANDON | 128.3 | 123.3 | -5 |
CITY OF TORONTO* | 152.8 | 152.6 | -0.2 |
BRAMPTON | 152.2 | 152.5 | 0.3 |
ETOBICOKE | 152.1 | 152.2 | 0.1 |
MISSISSAUGA | 151.3 | 151.6 | 0.3 |
NORTH YORK | 152.6 | 152.7 | 0.1 |
SCARBOROUGH | 152.2 | 152 | -0.2 |
VAUGHAN/MARKHAM | 152.2 | 152.6 | 0.4 |
OTTAWA | 152.7 | 151.6 | -1.1 |
KINGSTON | 147 | 152.9 | 5.9 |
PETERBOROUGH | 149.2 | 148.9 | -0.3 |
WINDSOR | 151.8 | 152.2 | 0.4 |
LONDON | 152.1 | 152.4 | 0.3 |
SUDBURY | 154.7 | 156.5 | 1.8 |
SAULT STE MARIE | 149.9 | 148.9 | -1 |
THUNDER BAY | 154.3 | 156.1 | 1.8 |
NORTH BAY | 158.5 | 159.8 | 1.3 |
TIMMINS | 156.8 | 155.8 | -1 |
HAMILTON | 150.8 | 151.3 | 0.5 |
ST. CATHARINES | 150.8 | 150.7 | -0.1 |
BARRIE | 151.9 | 151.4 | -0.5 |
BRANTFORD | 148.3 | 149.6 | 1.3 |
GUELPH | 151.9 | 151.9 | 0 |
KITCHENER | 151.8 | 152.5 | 0.7 |
OSHAWA | 152.7 | 152.5 | -0.2 |
SARNIA | 150.5 | 155.5 | 5 |
MONTRÉAL* | 157.8 | 158.3 | 0.5 |
QUÉBEC | 159.5 | 157.4 | -2.1 |
SHERBROOKE | 149.9 | 152.3 | 2.4 |
GASPÉ | 160.7 | 160.7 | 0 |
CHICOUTIMI | 140.7 | 137.8 | -2.9 |
RIMOUSKI | 162.4 | 157.7 | -4.7 |
TROIS RIVIÈRES | 152.9 | 152.4 | -0.5 |
DRUMMONDVILLE | 159.7 | 158.3 | -1.4 |
VAL D'OR | 152.6 | 152.6 | 0 |
GATINEAU | 143.8 | 141.5 | -2.3 |
SAINT JOHN* | 150.1 | 157.2 | 7.1 |
FREDERICTON | 151 | 158 | 7 |
MONCTON | 150.4 | 158.1 | 7.7 |
BATHURST | 151.3 | 157.8 | 6.5 |
EDMUNDSTON | 150.1 | 157 | 6.9 |
MIRAMICHI | 152.6 | 159.2 | 6.6 |
CAMPBELLTON | 149.9 | 157.9 | 8 |
SUSSEX | 150.5 | 157.6 | 7.1 |
WOODSTOCK | 152.2 | 159.2 | 7 |
HALIFAX* | 150.2 | 157 | 6.8 |
SYDNEY | 152.2 | 159 | 6.8 |
YARMOUTH | 151.3 | 158.1 | 6.8 |
TRURO | 151.4 | 158.2 | 6.8 |
KENTVILLE | 150.8 | 157.6 | 6.8 |
NEW GLASGOW | 151.4 | 158.2 | 6.8 |
CHARLOTTETOWN* | 159.2 | 163.8 | 4.6 |
ST JOHNS* | 166.5 | 169.4 | 2.9 |
GANDER | 168.9 | 171.9 | 3 |
LABRADOR CITY | 173 | 176 | 3 |
CORNER BROOK | 167 | 170 | 3 |
GRAND FALLS | 168.9 | 171.9 | 3 |
Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.
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