RECENT DATA UPDATES
Mar 18 • World oil supply/demand curve (IEA/OPEC data) ➜
Mar 18 • OECD oil stockpiles (Q4/18 update from OPEC) ➜
Mar 11 • Dec Cdn energy trade balance (imports/exports in $CAD) ➜
Mar 11 • Dec Cdn crude production by type (StatsCan data) ➜
Mar 11 • Dec Cdn crude oil trade balance (StatsCan data) ➜
Mar 11 • Dec Cdn crude exports by pipeline (NEB/StatsCan data) ➜
MARKET INSIGHTS

US CRUDE SUPPLY AND ITS IMPACT ON OIL PRICES
The US shale boom, which began in 2011, tipped world oil markets into oversupply, causing crude prices to crash in 2015. Curtailments from OPEC has kept WTI above US$50, above breakeven for most shale producers, keeping oil prices lower for longer. As US supply growth continues to outstrip increases in global demand, the implications are enormous for countries like Canada, who still have billions of barrels in the ground.


CRUDE DIFFERENTIALS EXPLAINED
Although oil prices largely rise and fall together, there can be significant differences between the benchmarks. Differentials are a function of crude oil quality, supply and demand fundamentals (marketability) and transportation costs to the refinery.


OIL PRICES EXPLAINED
Crude oil and petroleum products are globally traded commodities, whose prices are largely governed by supply and demand fundamentals. But global currencies, availability of money flow and market sentiment also play an important role.