Business
Montreal-area gas prices spike by 10 cents
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Montreal drivers hitting the road Wednesday morning got some unwelcome sights passing service stations as gas prices spiked overnight.
Some stations saw as much as a 12 cent rise from Tuesday to Wednesday as stations switched from winter to summer blends of gas and OPEC production decreases as U.S. gas supplies shrink.
Some stations prices were as high as $1.76 per litre, up from $1.64 on Tuesday.
“East of Thunder Bay right over to Newfoundland, they tend to follow the mood swings of Wall Street and the futures market,” said En-Pro International chief petroleum analyst Roger McKnight, saying the depleting U.S. crude, diesel, and gasoline stocks will affect prices.
“We have the OPEC+ cuts kicking into phase about the third week in May, so there’s 1.6 million barrels of supply coming off the market in addition to the 2 million they already put in in the latter part of last year. Then to top it off, May 1 is the introduction of the summer gas to the winter gas to the consumer.”
The Costco gas bar on Bridge Road in Verdun remains one of the best values, with regular listed at $1.60 per litre.
Those able to get to the South Shore can cut a bit off their gas bill, as some stations in Kahnawake are selling as low as $1.55.
Business
Gas prices expected to rise 14 cents on Thursday
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Drivers are bracing for a double-digit spike at the gas pumps on Thursday, as the price is expected to rise 14 cents at midnight.
Roger McKnight, chief petroleum analyst withEn-Pro International Inc., tells CityNews the price at gas pumps is set to rise to 178.9 cents/litre at local stations. The price as of Wednesday is 164.9 cents/litre.
The last time gas prices were this high was back in August 2022.
McKnight says the spike is due to price increases for wholesale gas and only applies to gasoline. He adds the price for diesel will increase by 0.4 cents.
Earlier this month, the price rose to its highest levels in six months following the implementation of the federal carbon price, also referred to as the carbon tax.
That saw the carbon tax on gasoline go up by 3.3 cents per litre, while diesel increased by 4.1 cents per litre.
Business
Rupture on TC Energy's NGTL gas pipeline sparks wildfire in Alberta – The Globe and Mail
A section of TC Energy’s TRP-T NGTL gas pipeline system in Alberta ruptured and caught fire on Tuesday, sparking a wildfire in a remote area, the company said.
“An initial ignition of natural gas at the rupture site is now extinguished. We are working to support Alberta Wildfire in their response to contain a secondary fire,” the company said in a statement on its website.
TC said there were no injuries and it was working closely with first responders in the region.
How fire broke out at the TC gas pipeline near Edson, Alberta
The fire broke out about 40 km (25 miles) northwest of Edson, Alberta, in Yellowhead County. Canadian broadcaster Global News said there was a plume of flames and smoke visible from many kilometres away.
The Canada Energy Regulator (CER) said initial investigations indicated a rupture in a gas pipeline caused the fire, which was under control.
TC Energy said it has isolated and shut down the affected section of the NGTL system, and the remainder of the system is operating normally with no commercial impact.
The CER said it is sending inspectors to the area to monitor and oversee the company’s response and determine the impact of the incident.
NGTL is TC Energy’s natural gas gathering and transportation system that transports gas produced in Western Canadian Sedimentary Basin (WCSB) to markets in Canada and United States.
Business
Gas prices in GTA expected to rise 14 cents on Thursday – CityNews Toronto
Drivers in the GTA are bracing for a double-digit spike at the gas pumps on Thursday, as the price is expected to rise 14 cents at midnight.
Roger McKnight, chief petroleum analyst with En-Pro International Inc., tells CityNews the price at gas pumps is set to rise to 178.9 cents/litre at local stations. The price as of Wednesday is 164.9 cents/litre.
The last time gas prices were this high was back in August 2022.
McKnight says the spike is due to price increases for wholesale gas and only applies to gasoline. He adds the price for diesel will increase by 0.4 cents.
Earlier this month, the price rose to its highest levels in six months following the implementation of the federal carbon price, also referred to as the carbon tax.
That saw the carbon tax on gasoline go up by 3.3 cents per litre, while diesel increased by 4.1 cents per litre.
With files from John Marchesan of CityNews
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