Updated June 2024
Within this section
- Crude oil prices
- Natural gas prices
- Capital expenditures
- U.S./Canadian exchange rate
- Methodology
- Data [XLSX]
Highlights of 2023
Oil and Gas Prices
WTI: The price of West Texas Intermediate (WTI) decreased by 18% in 2023. Prices declined due to rising global oil inventories and concerns about slow global oil demand growth.
WCS: The price of Western Canadian Select (WCS) decreased by 22% in 2023. The price differential between WCS and WTI increased compared to 2022, averaging around US$19/bbl.
Henry Hub: The price of Henry Hub declined by 59% in 2023, with elevated North American inventories and low heating demand due to mild winter weather.
AECO-C: The price of AECO-C decreased by 46% in 2023 due to decreased domestic heating demand and the growth in the natural gas supply.
Total Capital Expenditures
Total capital expenditures increased by an estimated 2% in 2023 to Cdn$29.5 billion.
Global energy prices fell from 2022 highs as a mild winter sustained high natural gas inventories, and continued geopolitical conflicts created uncertainty in oil production. Capital expenditures are projected to remain below the 2014 peak over the 10-year forecast period.
Exchange Rate
The U.S. and Canadian dollar exchange rate averaged US$0.74 in 2023 compared with US$0.77 in 2022.
