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Yahoo
3 days ago
- Business
- Yahoo
Gas prices: Slipping oil prices fuel summer savings at Canadian pumps
Canada's gas price average fell 2.7 cents per litre over the past week, according to data from Kalibrate. The move lower is largely thanks to falling crude prices in response to fears of an oversupplied market. The biggest discount this week was in Calgary, where the price of a litre of regular gasoline dropped 10.6 cents between August 7 and August 15. At this time last year, Canada's gas price average was $1.678 per litre, compared to $1.452 as of Thursday. "As it stands today, there is a glut of crude oil on the market that is keeping prices down," En-Pro International chief petroleum analyst Roger McKnight wrote in a blog post on Thursday. Earlier this week, a report from the International Energy Agency found global supply could outpace demand by a record 2.96 million barrels per day in 2026, surpassing the buildup during the pandemic lockdown in 2020. At the same time, data from the U.S. Energy Information Administration released on Wednesday showed American stockpiles are at the highest level in two months. Benchmark oil prices drifted lower on Friday as investors await news from U.S. President Donald Trump's summit in Alaska with Russia's Vladimir Putin. Progress towards a deal to end Russia's war in Ukraine would help de-risk the global oil market and support prices. Trump recently increased U.S. tariffs on Indian goods in response to the country's purchases of Russian oil. So far, he has avoided targeting China over its Russian oil purchases. Follow Yahoo Finance Canada for more weekly gas price updates. Scroll below to find your nearest city. (All figures in CAD cents) Location August 7 August 14 Price Change Canada Average (V) 145.2 142.5 -2.7 WHITEHORSE 161.9 161.9 0 VANCOUVER* 171.1 168 -3.1 VICTORIA 166.3 171.9 5.6 PRINCE GEORGE 145.6 145.6 0 KAMLOOPS 152.3 150 -2.3 KELOWNA 149 146.3 -2.7 FORT ST. JOHN 149.2 143.4 -5.8 ABBOTSFORD 160.9 157.8 -3.1 YELLOWKNIFE 144.7 146.2 1.5 CALGARY* 137.9 127.3 -10.6 RED DEER 131.8 126.7 -5.1 EDMONTON 133.3 127.9 -5.4 LETHBRIDGE 131 130.7 -0.3 LLOYDMINSTER 130 128.9 -1.1 GRANDE PRAIRIE 131.7 129.1 -2.6 REGINA* 138.4 137.3 -1.1 SASKATOON 129.9 126.9 -3 PRINCE ALBERT 136.2 130.2 -6 MOOSE JAW 137.8 139.9 2.1 WINNIPEG * 137 135.2 -1.8 BRANDON 127.6 126.9 -0.7 CITY OF TORONTO* 135 134.5 -0.5 BRAMPTON 134.5 134.2 -0.3 ETOBICOKE 133.7 133.8 0.1 MISSISSAUGA 132.4 133.1 0.7 NORTH YORK 135.1 134.7 -0.4 SCARBOROUGH 134.1 133.9 -0.2 VAUGHAN/MARKHAM 134.1 134.5 0.4 OTTAWA 134.8 133.3 -1.5 KINGSTON 125.3 125.2 -0.1 PETERBOROUGH 126.9 121.2 -5.7 WINDSOR 131.8 132.3 0.5 LONDON 133.6 134.6 1 SUDBURY 134.2 128.6 -5.6 SAULT STE MARIE 127.6 127.6 0 THUNDER BAY 139.4 133.8 -5.6 NORTH BAY 138.3 133.1 -5.2 TIMMINS 138.6 138.1 -0.5 HAMILTON 131.3 132 0.7 ST. CATHARINES 131.4 130.8 -0.6 BARRIE 135.5 133.6 -1.9 BRANTFORD 134.1 131.4 -2.7 GUELPH 134.8 133.1 -1.7 KITCHENER 132.2 133.3 1.1 OSHAWA 130.3 133.4 3.1 SARNIA 131.2 126.9 -4.3 MONTRÉAL* 158.1 155.5 -2.6 QUÉBEC 151.6 152.8 1.2 SHERBROOKE 149.5 151.3 1.8 GASPÉ 157.7 157.7 0 CHICOUTIMI 140.4 138.6 -1.8 RIMOUSKI 151.4 150.1 -1.3 TROIS RIVIÈRES 154.4 154.3 -0.1 DRUMMONDVILLE 147.8 145.2 -2.6 VAL D'OR 156.7 156.6 -0.1 GATINEAU 142.9 139.1 -3.8 SAINT JOHN* 143 143.6 0.6 FREDERICTON 143.5 144.1 0.6 MONCTON 143.2 143.6 0.4 BATHURST 143.4 143.8 0.4 EDMUNDSTON 142.6 143 0.4 MIRAMICHI 144.9 145.8 0.9 CAMPBELLTON 144.9 145.5 0.6 SUSSEX 143.5 143.7 0.2 WOODSTOCK 144.8 145.4 0.6 HALIFAX* 145.7 146.7 1 SYDNEY 147.6 148.6 1 YARMOUTH 146.7 147.7 1 TRURO 146.8 147.8 1 KENTVILLE 146.3 147.3 1 NEW GLASGOW 146.8 147.8 1 CHARLOTTETOWN* 151.3 150.2 -1.1 ST JOHNS* 151.6 152.2 0.6 GANDER 155.3 155.9 0.6 LABRADOR CITY 158.7 159.4 0.7 CORNER BROOK 152.6 153.3 0.7 GRAND FALLS 155.3 156 0.7 SOURCE: KALIBRATE • All figures in CAD cents (*) Denotes markets used in Volume Weighted Canada Average Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on X @jefflagerquist. Download the Yahoo Finance app, available for Apple and Android.
National Post
16-05-2025
- Automotive
- National Post
'Trump factor' could cause gas price volatility this summer, analyst says
The May long weekend is when gasoline prices tend to start levelling off ahead of the high-demand summer driving season. Article content Article content But Roger McKnight, chief petroleum analyst with En-Pro International, says the 'Trump factor' may throw long-held expectations about gas price behaviour out the window. Article content McKnight says in January and February, refineries go down for maintenance to switch over to producing summer fuels, raising prices until they peak around mid-April. Article content Article content What consumers see at the pump now might be what they get for the warmer months, but McKnight says the utterings of U.S. President Donald Trump on tariffs and geopolitical issues may jolt the market. Article content Article content He says the effects of the federal consumer carbon levy's demise seem to be holding after Prime Minister Mark Carney did away with the charge on April 1. Article content The levy equated to 17.6 cents per litre of gasoline, and McKnight says pump prices remain about 15 cents per litre lower than before the change took effect. Article content He adds that refineries are running at about 90 per cent capacity, which is low for this time of year. Article content 'The driving season is right around the corner, but the refining margins are so, so poor that the refiner is saying, 'Heck, we're just going to hold back … if we are not making good money on the stuff we're making,'' he said. Article content The price of crude oil, the raw product used to make gasoline and diesel, has been weak lately. Article content West Texas Intermediate, a U.S. benchmark for light oil, has been hovering around the US$60-per-barrel mark in recent weeks, about US$10 lower than it was just six months ago. Article content The Canadian Fuels Association, citing 2023 data from Kalibrate Canada Inc., said crude oil represents about 42 per cent of the pump price, with taxes, refining, distribution and marketing making up the rest. Article content
Yahoo
16-05-2025
- Business
- Yahoo
'Trump factor' could cause gas price volatility this summer, analyst says
CALGARY — The May long weekend is when gasoline prices tend to start levelling off ahead of the high-demand summer driving season. But Roger McKnight, chief petroleum analyst with En-Pro International, says the "Trump factor" may throw long-held expectations about gas price behaviour out the window. McKnight says in January and February, refineries go down for maintenance to switch over to producing summer fuels, raising prices until they peak around mid-April. What consumers see at the pump now might be what they get for the warmer months, but McKnight says the utterings of U.S. President Donald Trump on tariffs and geopolitical issues may jolt the market. He says the effects of the federal consumer carbon levy's demise seem to be holding after Prime Minister Mark Carney did away with the charge on April 1. The levy equated to 17.6 cents per litre of gasoline, and McKnight says pump prices remain about 15 cents per litre lower than before the change took effect. He adds that refineries are running at about 90 per cent capacity, which is low for this time of year. "The driving season is right around the corner, but the refining margins are so, so poor that the refiner is saying, 'Heck, we're just going to hold back … if we are not making good money on the stuff we're making,'" he said. The price of crude oil, the raw product used to make gasoline and diesel, has been weak lately. West Texas Intermediate, a U.S. benchmark for light oil, has been hovering around the US$60-per-barrel mark in recent weeks, about US$10 lower than it was just six months ago. The Canadian Fuels Association, citing 2023 data from Kalibrate Canada Inc., said crude oil represents about 42 per cent of the pump price, with taxes, refining, distribution and marketing making up the rest. This report by The Canadian Press was first published May 16, 2025. Lauren Krugel, The Canadian Press
