Petroleum pricing in Canada — the Q2 report

In the second quarter of 2021, retail gasoline and diesel prices reached highs not experienced since 2018. Crude prices and gasoline refining margins climbed to two-year peaks, and diesel refining margins expanded to a 14-month high.

Refineries have ramped up activity to keep pace with increased demand for refined products as economic activity picks up momentum, and consequently, crude oil inventories have reduced. Further tightening occurred as extreme cold weather in the beginning of 2021 took a significant amount of North American crude oil production offline. Although it returned to normal levels following the change in weather, North American crude oil production remains below pre-pandemic levels.

As a result, Canadian crude prices reached a 25-month high in June, averaging nine cents per litre above the previous five-year average for the quarter.

Read the full report to get detailed insight on Canadian petroleum pricing in the last quarter, including:

• A gasoline and diesel market overview

Find out how prices have changed across the nation — with an explanation of demand, supply, and other influencing factors

• The market outlook for Q3

Read Kalibrate’s analysis on how production rates, vaccination levels, and seasonal trends will impact the market in Q3

• Analysis of premium fuel trends

We look into the consumption of premium 91-94 octane fuel and what has caused shifts in trends over the years

Download and read the full report for an in-depth understanding of the Canadian fuel market and the drivers for petroleum pricing.