CHAPMAN HYDROGEN AND PETROLEUM ENGINEERING LTD.
CRUDE OIL
HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES
July 1, 2025
       
AB Synthetic
Western Canada
Exchange
     
   
WTI [1]
Brent Spot (ICE)[2]
Crude Price [3]
Select [4]
Rate
     
Date
 
$US/STB
$US/STB
$CDN/STB
$CDN/STB
$CDN/$US
     
HISTORICAL PRICES
     
2015
 
48.69
53.32
62.17
46.23
0.78
     
2016
 
43.17
45.06
57.98
38.90
0.76
     
2017
 
50.86
54.75
67.75
49.63
0.77
     
2018
 
64.92
71.64
75.06
50.17
0.77
     
2019
 
57.00
64.11
75.28
57.86
0.75
     
2020
 
39.54
43.40
48.78
37.05
0.75
     
2021
 
67.89
70.39
83.73
68.00
0.80
     
2022
 
94.73
100.62
125.24
100.41
0.77
     
2023
 
77.59
82.49
107.36
77.29
0.74
     
2024
 
76.46
80.49
103.57
83.48
0.73
     
2025
6 mos.
68.31
71.90
90.22
77.77
0.71
     
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC)
     
 
71.09
75.14
96.45
80.62
0.72
     
FORECAST PRICES
     
2025
6 mos.
66.15
69.74
88.54
73.75
0.72
     
2026
 
69.35
73.87
92.32
76.90
0.73
     
2027
 
72.72
75.65
94.27
78.53
0.75
     
2028
 
74.17
79.10
96.22
80.15
0.75
     
2029
 
75.66
80.68
98.22
81.81
0.75
     
2030
 
77.17
82.30
100.25
83.50
0.75
     
2031
 
78.71
83.94
102.32
85.23
0.75
     
2032
 
80.29
85.62
104.43
86.99
0.75
     
2033
 
81.90
87.33
106.59
88.78
0.75
     
2034
 
83.53
89.08
108.79
90.62
0.75
     
2035
 
85.20
90.86
111.03
92.48
0.75
     
2036
 
86.91
92.68
113.32
94.39
0.75
     
2037
 
88.65
94.53
115.65
96.33
0.75
     
2038
 
90.42
96.42
118.03
98.31
0.75
     
2039
 
92.23
98.35
120.46
100.34
0.75
     
2040
 
94.07
100.32
122.93
102.40
0.75
     
                   
                   
Escalated 2% thereafter
     
Notes:
[1]
West Texas Intermediate quality (D2/S2) crude (40API) landed in Cushing, Oklahoma.
     
   
(Actual  WTI strip oil  prices are: $US64.85/STB in 2025; $US61.37/STB in 2026; $US61.63/STB in 2027)
     
 
[2]
The Brent Spot price is estimated based on historic data.
     
   
(Actual  Brent strip oil  prices are: $US67.06/STB in 2025; $US64.80/STB in 2026; $US65.22/STB in 2027)
     
 
[3]
Equivalent price for Light Sweet Crude (D2/S2) & Synthetic Crude landed in Edmonton.
     
 
[4]
Western Canada Select (20.5API), spot price for B.C., Alberta, Saskatchewan, and Manitoba.
   

 

 

 

CHAPMAN HYDROGEN AND PETROLEUM ENGINEERING LTD.
NATURAL GAS & BY-PRODUCTS  
HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES
July 1, 2025
   
Alberta 
AECO Spot
Henry Hub
Propane
Butane
Condensate (Pentanes Plus)
 
 
GRP [1]
Gas[2]
Gas[3]
C3 [4]
C4 [4]
C5+[5]
Date
 
$CDN/MMBTU
$CDN/GJ
$CDN/MMBTU
$US/MMBTU
$CDN/BBL
$CDN/BBL
$CDN/BBL
HISTORICAL PRICES
 
2015
 
4.22
4.00
4.51
4.35
46.85
62.26
108.28
2016
 
2.62
2.48
2.71
2.76
6.17
36.81
59.14
2017
 
2.03
1.93
2.18
2.50
6.71
29.81
55.62
2018
 
2.05
1.94
2.50
2.96
25.55
39.62
67.15
2019
 
1.38
1.31
1.51
3.18
30.47
48.97
77.19
2020
 
1.31
1.24
1.81
2.57
14.98
21.39
70.46
2021
 
1.85
1.75
2.25
2.02
20.62
24.74
50.06
2022
 
3.05
2.89
3.58
3.91
42.31
38.12
70.39
2023
 
4.60
4.36
5.14
6.45
53.85
62.81
122.16
2024
 
3.00
2.84
2.51
2.59
31.68
49.39
108.73
2025
6 mos.
1.70
1.61
1.84
3.70
40.09
40.50
95.18
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC)
 
 
1.44
1.37
1.47
2.83
34.84
41.21
94.74
FORECAST PRICES
 
2025
6 mos.
1.84
1.75
2.09
3.75
31.81
41.58
85.88
2026
 
2.75
2.61
3.12
4.46
32.40
45.17
89.55
2027
 
3.07
2.91
3.49
4.10
33.23
46.97
91.44
2028
 
3.32
3.15
3.77
4.18
34.12
48.24
93.34
2029
 
3.38
3.21
3.84
4.27
35.03
49.53
95.27
2030
 
3.45
3.27
3.92
4.35
35.96
50.85
97.24
2031
 
3.52
3.34
4.00
4.44
36.92
52.20
99.25
2032
 
3.59
3.41
4.08
4.53
37.89
53.58
101.30
2033
 
3.66
3.47
4.16
4.62
38.89
55.00
103.39
2034
 
3.74
3.54
4.24
4.71
39.91
56.44
105.52
2035
 
3.81
3.61
4.33
4.80
40.96
57.92
107.70
2036
 
3.89
3.69
4.42
4.90
41.80
59.11
109.92
2037
 
3.96
3.76
4.50
5.00
42.66
60.33
112.18
2038
 
4.04
3.83
4.59
5.10
43.54
61.57
114.49
2039
 
4.12
3.91
4.69
5.20
44.44
62.84
116.84
2040
 
4.21
3.99
4.78
5.30
45.35
64.13
121.70
                 
Escalated 2%  thereafter
 
Notes:
[1]
Alberta Gas Reference Price (GRP) represents the average of all system and direct (spot and firm) sales.
 
 
[2]
The AECO C Spot price, which is the Alberta gas trading price.
   
 (Actual  AECO C spot gas  prices are: $US1.82/MMBTU in 2025; $US2.97/MMBTU in 2026; $US3.03/MMBTU in 2027).
 
[3]
Henry Hub Spot is natural gas traded on the New York Mercantile Exchange (NYMEX).
   
 (Actual  Henry Hub strip gas  prices are: $US3.65/MMBTU in 2025; $US4.46/MMBTU in 2026; $US4.02/MMBTU in 2027).
 
[4]
Alberta average field price for Propane and Butane  purchased at field locations.
 
[5]
Edmonton condensate from GasAlbertaInc.