30.01.2013 - Scotiabank's commodity price index retreats in December
The Scotiabank Commodity Price Index declined by 4.6% month-over-month (m/m) in December, reflecting a sharp drop in the Oil and Gas Index (-14.6% m/m). "Western Canadian Select (WCS) heavy crude oil led the decline, plunging from US$72.47 to a mere US$57.84 per barrel in December," said Patricia Mohr, Vice President, Economics and Commodity Market Specialist at Scotiabank. "While West Texas Intermediate (WTI) oil prices edged up to US$88.25 last month, the WCS discount off WTI ballooned to US$30.41 and will climb further to US$32.84 in January and US$36.94 in February." (Press Release)