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   How important is the price of crude oil?

   • The price of crude oil is the most important factor that drives production and investment in the oil and gas extraction sector. Chart 1 presents movements in two of the most relevant crude oil prices for Canada, the WTI and the Western Canadian Select (WCS) Note from January 2019 to February 2021.

   The oil and gas sector in Canada: A year after the start of the pandemic

   www150.statcan.gc.ca/n1/pub/36-28-0001/2021007/article/00003-eng.htm

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   How did crude oil prices change in Canada?

   • Chart 1 presents movements in two of the most relevant crude oil prices for Canada, the WTI and the Western Canadian Select (WCS) Note from January 2019 to February 2021. As shown, both oil prices declined sharply from January to April 2020 and then recovered quickly in next two months.

   The oil and gas sector in Canada: A year after the start of the pandemic

   www150.statcan.gc.ca/n1/pub/36-28-0001/2021007/article/00003-eng.htm

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   Why is oil price important for Canadian investors?

   • Oil price is significant for Canadian investors. Some investors use Canadian ETFs to speculate on oil prices. For example, HUC-Horizons Crude Oil ETF replicates the crude oil price performance. More importantly, a substantial portion of the S&P/TSX Composite index is composed of Canadian oil stocks.

   Canadian Oil Price (Western Canadian Select) | WOWA.ca

   wowa.ca/oil-price-Canada

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   Why are Canadian oil prices so low?

   • Canadian oil prices, benchmarked by Western Canada Select (WCS), have been depressed for many years due to pipeline shortages and refinery and transportation costs.

   TD Economics - 2024 Canadian Oil Production: A Short-Lived Boom

   economics.td.com/ca-oil-production-2024

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   Is Canadian oil cheaper than US oil?

   • A cup of heavy oil extracted from Canadian oilsands is shown. Canadian oilsands crude always trades at a discount to more prized U.S. blends, but that price gap has widened in recent weeks. (Reuters) But that's no longer the case.

   Oil prices are rising, but Canada is getting comparatively less for

   www.cbc.ca/news/business/oil-prices-canada-1.6479046

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   How important is the oil and gas industry in Canada?

   • Since 2000, the oil and gas extraction industry has averaged 5% of GDP for Canada, 21% for Alberta, and 25% for Newfoundland and Labrador, making it an important contributor to the Canadian economy. Following the oil price crisis of March and April, 2020, many oil and gas companies in Canada cut back their production and investment plans.

   The oil and gas sector in Canada: A year after the start of the pandemic

   www150.statcan.gc.ca/n1/pub/36-28-0001/2021007/article/00003-eng.htm

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2. www150.statcan.gc.ca › n1 › pubThe oil and gas sector in Canada: A year after the start of ...

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   Jul 28, 2021 · The price of crude oil is the most important factor that drives production and investment in the oil and gas extraction sector. Chart 1 presents movements in two of the most relevant crude oil prices for Canada, the WTI and the Western Canadian Select (WCS) Note from January 2019 to February 2021.

   • Record high crude oil production largely ... - Statistique Canada

     Canadian exports of crude oil and equivalent products also...

   • The Daily — Oil and gas extraction, 2022 - Statistics Canada

     According to the Raw materials price index, the price of...

3. wowa.ca › oil-price-CanadaCanadian Oil Price (Western Canadian Select) | WOWA.ca

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   Western Canadian Select (WCS) is the most important oil price index in Western Canada. The price received by Canadian oil producers is often based on WCS. Limited transportation infrastructure causes a large discount in WCS in relation to West Texas Intermediate (WTI).

4. Videos

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     investopedia.com

     What Is Crude Oil, and Why Is It Important to Investors?

     Dec 31, 2008

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     What’s fuelling record-high gas prices in Canada?

     Jun 8, 2022

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     youtube.com

     Crude Oil Prices Explained - WTI vs Brent

     Jun 14, 2019

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5. oilprice.com › Energy › Crude-OilCanada, The Unexpected Winner in the Global Oil Boom

   oilprice.com › Energy › Crude-Oil

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   1 day ago · Increased Egress, Higher Prices. TMX is set to boost the price of Canada’s heavy crude oil for years to come, top executives at the major energy firms say. In 2023, WCS was valued at an average ...

6. economics.td.com › ca-oil-production-20242024 Canadian Oil Production: A Short-Lived Boom

   economics.td.com › ca-oil-production-2024

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   Mar 7, 2024 · Barring any unforeseen circumstances, Canada could be the largest source of increased oil supply across the globe in 2024. Canada should be able to capitalize on higher prices paid for our oil as well as the forthcoming ability to get Western oil reaching international markets.

7. www.statcan.gc.ca › o1 › enRecord high crude oil production largely ... - Statistique Canada

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   Mar 7, 2024 · Canadian exports of crude oil and equivalent products also reached a record high in 2023. Steadily rising since 2021, crude oil exports totalled 230.0 million cubic metres, up 3.2% from 2022. As more Canadian crude oil was exported, stocks diminished throughout 2023.

8. www.cbc.ca › news › businessOil prices are rising, but Canada is getting comparatively ...

   www.cbc.ca › news › business

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   Jun 8, 2022 · Analysis. Why high oil prices aren't creating an economic boom in Canada. Typically that discount is about $10-$15 US a barrel, but recent events have pushed the gap to beyond $20. That's the...

9. www150.statcan.gc.ca › n1 › daily-quotidienThe Daily — Oil and gas extraction, 2022 - Statistics Canada

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   Sep 27, 2023 · According to the Raw materials price index, the price of crude oil and bitumen in 2022 increased by 49.0% from 2021, while the price of natural gas increased by 25.6%. Total production for crude oil rose by 2.3% in 2022, while total natural gas production increased by 7.3%.