Policy and Royalty Branch Weekly Report
January 21, 2010
Source: U.S. Energy Information Administration Gas Market Highlights:
Spot Price: Mixed (Sumas: US$5.50/MMBtu, Jan 21,2010 )
Local spot prices at sumas for natural gas have been steady within
the $5.50-$6.00 range over the last few weeks. A mix of seasonal and
below seasonal temperatures in eastern markets since mid December
has eroded the storage surplus in the United States for this time of
Natural gas storage levels declined further by 245 Bcf last week.
Expectations were for a smaller withdrawal of 226. Storage levels are
now at 2,607 Bcf which is .2% lower than the five year and .9% higher
than last year at this time. The five year average is 2,613 Bcf and last
year storage was at 2,585 Bcf.
The February nymex contract was up 8 cents at $5.58US/mmbtu on
the storage news.
Oil Market Highlights: Weekly Petroleum Status Report
Prices Trend: Down (WTI: US$76.80/bbl, Jan 21, 2010)
Last report oil prices were higher on declining U.S. stockpiles of
petroleum products from cold weather and unrest in Iran sowing
concerns of supply interruptions. Since the last report petroleum
products in the U.S. have started to take a bit of a rebound as
demand for refined products in the U.S. remains weak due to a slow
recovery in the economy.
Crude inventories, gasoline inventories, and distillate inventories are
all above the five year average range for this time of year.
Over the last four weeks gasoline demand has been down .2%
compared to last year. Distillate demand is down 6.8% compared to
last year. Jet fuel is down by .1 % and total refined products supplied
to refiners are down 1.8% compared to last year.
Active rigs (rigs drilling) in British Columbia
Source: Based on Divestco Inc. North America Rig Counts data Source: Based on North America Rig Counts
Rigs Drilling in Western Canada - Average of Weekly Data
BC Alberta Saskatchewan Total WCSB BC Market Share
Annual Averages (year to date)
Year avg. to Jan 19, 2010 66 271 66 414 16.0%
Year avg. to Jan 20, 2009 89 260 35 390 22.8%
Year avg. to Jan 15, 2008 83 313 43 445 18.6%
Year avg. to Jan 16, 2007 71 371 52 499 14.2%
Year avg. to Jan 17, 2006 107 482 45 642 16.7%
Year avg. to Jan 18, 2005 134 460 38 654 20.5%
% change 10 vs.09 -25.5% 4.5% 91.3% 6.3%
% change 10 vs.05 -50.5% -41.1% 74.6% -36.6%
Questions? Please contact Duane Chapman at firstname.lastname@example.org (250) 953-3734