CanadianCrude OilQuotes

Commodity/ProductNE2 WCS: Canada’s benchmark Western Canadian Select (WCS) blend of conventional and oilsands production heavy sour crude at Hardisty. Heavy oil represents approximately 52% of Western Canadian production, according to the Canadian Energy Regulator (CER).

NE2 Sweet: Western Canadian light sweet crude at Edmonton. Sweet oil represents approximately 14.5% of Western Canadian production, according to the Canadian Energy Regulator (CER).

NE2 Condensate: Western Canadian ultra-light condensate primarily used as diluent for Canadian Heavy Crude. Condensate represents approximately 10% of Western Canadian Production, according to the Canadian Energy Regulator (CER)

Delivery Date

Price US$/bbl

Change

MMM-YYYY (example May-2020): Product for delivery in prompt/next calendar month of the 1st to last date.

CAL-YYYY (example CAL-2021): Product for delivery in next calendar year of January 1st to December 31st.

##.## (example 20.00): Implied flat-price for Product in USD $ per barrel as calculated with the corresponding West Texas Intermediate (WTI) Calendar Month Average (CMA) price – as Canadian crude oil is typically traded as a differential to the WTI CMA futures.

+/- ##.## (example -3.50): Product price change up or down from indicated previous trade date (DD-MMM-YYYY) market close price.

NE2 Synthetic: Western Canadian upgraded light sweet synthetic oil (syncrude) at Edmonton. Synthetic oil represents approximately 23.5% of Western Canadian production, according to the Canadian Energy Regulator (CER).

NE2 High Tan: Western Canadian heavy crude at Edmonton with high Total Acid Number (TAN). Heavy oil represents approximately 52% of Western Canadian production, according to the Canadian Energy Regulator (CER)

About NE2 GroupSince 2005, NE2 has been operating the leading brokerage for physical crude oil products in Canada and since 2016, has also been recognized as a crude oil derivatives Exchange by the Alberta Securities Commission (ASC). We connect motivated buyers and sellers in a fair, reliable online trading platform to discover price and transact in real-time.

NE2 traded over 914,000,000 barrels in 2019 - approximately 67% was Canadian crude oil, which represents 38% of total Western Canadian production according to CER.

With customers from over 350 companies and 2500 users worldwide - including energy firms, financial institutions and government agencies - NE2 is trusted to provide reliable market data from the high volume of physical and financial trades we facilitate each day. We use a market appropriate methodology and comply with IOSCO Principles for Oil Price Reporting Agencies, for our proprietary indices and settlement data.

Disclaimer: NE2 Group (NE2) Canadian crude oil quotes are NE2’s proprietary data. Any streaming, publication or re-

broadcasting of such data and materials is strictly prohibited without either the accurate citation of NE2 or receiving prior

written consent from NE2. NE2 provides the USD $/bbl fixed price Canadian crude oil prompt month and next calendar year

quotes solely for informative purposes and should not be used as validation against, nor as a complement to, real-time market

data feeds. This information should not be considered to be investment advice and does not constitute an offer to buy or sell.

While all reasonable efforts are made to ensure data integrity, NE2 cannot guarantee its accuracy and assumes no liability of

any kind with respect to it. Please email us at ops@ne2.ca if you have any questions.