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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