Analysis – January

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Domestic sales of refined petroleum products in January 2009 totalled 8.7 million cubic metres, up 85.0 thousand cubic metres or about 1% from the same month a year earlier.

The increase in domestic sales of refined petroleum products January 2009 was largely due to a rise demand for aviation turbo fuels (+27.2%) and heavy fuel oils (+26.2%). Motor gasoline and diesel fuel oil sales posted slight increases from the same month a year earlier.

Regular unleaded motor gasoline sales which represented about 90% of total gasoline sales remained unchanged from January 2008. Premium grades which accounted for only 8% of total sales increased by about 10%. Mid-grade gasoline declined by 39% on small volumes.

Canadian refineries produced 10.2 million cubic metres of refined petroleum products in January 2009, down 649.3 thousand cubic metres or 6.0% from the same month a year earlier.

With the exception of diesel fuel oil, refinery production of most major refined petroleum products was down from January 2008. The decrease was led by a 46.7% drop in the production of petrochemical feedstock. Motor gasoline which represented about 36% of total refinery production was down 5.0% compared to the same month a year earlier.

Refineries took 9.6 million cubic metres of crude oil and equivalent in January 2009, about the same volume as the same month a year earlier. Domestic crude oils receipts were down 169.8 thousand cubic metres or 3.4%. However, imports representing about 49% of total receipts were up 113.3 thousand cubic metres or 2.5%.

OPEC accounted for 43% of total crude oil and equivalent imports, down from a 55% share in January 2008. North Sea producers (Norway and the United Kingdom) supplied about 26% of import requirements, down from 30% a year earlier.

Crude oil and refined petroleum product inventories held by refineries and major distributors closed January 2009 at 14.9 million cubic metres, down 418.8 thousand cubic metres or 2.7% from the close of the same month a year earlier.

Of this volume, crude oil and equivalent inventories totaled 3.8 million cubic metres, up 8.1% from January 2008. However, refined petroleum product inventories were down by 6.0% to 11.1 million cubic metres from the same period a year earlier.

Motor gasoline and diesel fuel oil together accounted for about 40% of total product inventories in January 2009. The "other products" category composed of mainly unfinished products accounted for an additional 35%.