Analysis – February 2008
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Sales of refined petroleum products in February 2008 totalled 8.4 million cubic metres, 3.3% higher than February 2007.
The increase in sales was largely due to higher demand for transportation fuels. This was led by a 36.8% increase in the sales of aviation turbo fuels (kerosene and naphtha). Demand for diesel fuel oil increased by 6.3%. Motor gasoline sales increased by 4.1 %. Light and heavy fuel oils were down 17.7% and 10.8% respectively.
Canadian refiners produced 9.6 million cubic metres of products in February 2008, 1.6% above a year earlier. Motor gasoline and diesel fuel oil represented almost 60% of total refinery production. Diesel fuel oil increased by 2.8% while motor gasoline increased by 1.5%. The "other products" category composed of mainly unfinished products rose 27.4% above a year earlier.
Crude oils and equivalent received by Canadian refineries totalled 8.7 million cubic metres, 10.1% more than the same month a year earlier. Receipts of domestic crude oils remained unchanged at 4.5 million cubic metres.
On the other hand, crude oil imports were up 23.5% to 4.2 million cubic metres. Imports represented nearly 50% of domestic refinery needs. OPEC sources accounted for 58% of all imports led by Algeria. Norway and the United Kingdom supplied an additional 28% of crude oil imports.
Total crude oil and refined petroleum product inventories held by refineries and major distributors closed February 2008 at 17.1 million cubic metres 23.9% above the same month a year earlier. Of this volume crude oil inventories totaled 5.4 million cubic metres.
Petroleum product inventories closed February 2008 at 11.7 million cubic metres, 1.2 million cubic metres (+11.9 %) above a year earlier. Diesel fuel oil and motor gasoline inventories were up 25.0% and 9.0% respectively.
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