Analysis – February

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Domestic sales of refined petroleum products in February 2009 totalled 7.7 million cubic metres, down 571.7 thousand cubic metres or 6.9% from the same month a year earlier.

The decrease in domestic sales of refined petroleum products February 2009 was largely due to a decreased demand for petro chemicals, (57.9%), motor gasoline (4.3%) and diesel fuel (8.9%).

Regular unleaded motor gasoline sales which represented about 90% of total gasoline sales decreased .03% from February 2008. Premium and mid-grades posted modest declines as well.

Canadian refineries produced 9.2 million cubic metres of refined petroleum products in February 2009, down 410.0 thousand cubic metres or 4.3% from the same month a year earlier.

With the exception of motor gasoline, aviation fuel, asphalt and propane, refinery production of all other refined petroleum products was down from February 2008. The decrease was led by a 57.9% drop in the production of petrochemical feedstock. Motor gasoline which represented about 36% of total refinery production was up 1.4% compared to the same month a year earlier. Asphalt production increased 37.7% from February 2008.

Refineries took 7.8 million cubic metres of crude oil and equivalent in February 2009, down 955.0 or 10.9% from February 2008. Domestic crude oils receipts were down 104.8 thousand cubic metres or 2.4%. Imports representing about 44.3% of total receipts were down 850.3 thousand cubic metres or 19.7%.

OPEC accounted for 48.5% of total crude oil and equivalent imports, down from a 52.4% share in February 2008. North Sea producers (Norway and the United Kingdom) supplied 28.3% of import requirements, up slightly from a year earlier.

Crude oil and refined petroleum product inventories held by refineries and major distributors closed February 2009 at 14.6 million cubic metres, down 944.0 thousand cubic metres or 6.1% from the close of the same month a year earlier.

Of this volume, crude oil and equivalent inventories totaled 3.4 million cubic metres, down 10.5% from February 2008. Refined petroleum product inventories were down by 4.7% to 11.2 million cubic metres from the same period a year earlier.

Motor gasoline and diesel fuel oil together accounted for about 42% of total product inventories in February 2009. The "other products" category composed of mainly unfinished products accounted for an additional 32%.