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BI3 Definition

Canadian Physical Crude Index


The monthly, volumetrically weighted, Canadian Physical Crude BI3, as calculated by the transacting counterparties, includes trade data sourced from One Exchange Corp. and 2 unaffiliated Energy Brokers. The counterparties will combine the 3 resulting indexes to produce a volumetrically weighted or blended index. Please contact the OX Crude Oil Desk for additional information 403-215-8144.

 

The Pre-Nomination Crude Oil Trading Period is defined as the Canadian Business days from the first business day of the calendar month until initial deadline for the Notice of Shipment (the “Initial NOS Deadline”) with the relevant pipeline, typically the 20th calendar day of the month.

 

In reporting transactions facilitated through its hybrid brokering platform, One Exchange Corp. will exclude any cancelled or disputed transactions.

 

One Exchange Corp. may in its sole discretion change the definition of the BI3 as market conditions dictate by notifying market participates at least 1 month prior to the 1st trading day of a new month index. While One Exchange Corp. retains sole discretion to make changes to the definition of the BI3, it will endeavor to consult with industry (traders, risk management and back office personnel) before proceeding with any change.


Examples of popular BI3 products include: (for a full list of BI3 products, log onto The OX platform):

(WCS): Western Canadian Select (WCS) physical crude @ Hardisty on Husky feeder pipeline(s)

(LSB): Light Sour Blend (LSB) physical crude @ Cromer on Westspur feeder pipeline(s)

(SW-PCE): Sweet (SW) physical crude @ Edmonton on Peace (PCE) feeder pipeline(s)

(SYN): Syncrude (SYN) physical crude @ Edmonton on Alberta Oil Sands feeder pipeline(s)

(C5-FTSK): Condensate (C5) physical condensate @ Edmonton on Fort Saskatchewan (FTSK) feeder pipeline(s)

WCS
Buyer Pays: The monthly, volumetrically weighted average for all Western Canadian Select (WCS), physical crude transactions @ Hardisty on Husky feeder pipeline(s), facilitated through the active electronic Canadian Physical Crude or hybrid platforms operated independently of each other by One Exchange Corp and 2 unaffiliated Energy Brokers, whose pricing is a WTI CMA differential in $USD/BBL, Plus Price Noted Above, whose calculation period is: (The first business day of the month to the initial NOS (Notice of Shipper) deadline for the delivery month.) The counterparties will be responsible for calculating this monthly index by volumetrically weighting all reported transactions for the desired grade and month which are made available to market participants and/or subscribers to these electronic or hybrid platforms.
Buyer Receives: Western Canadian Select (WCS) physical crude @ Hardisty on Husky pipeline(s)
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LSB
Buyer Pays: The monthly, volumetrically weighted average for all Light Sour Blend (LSB), physical crude transactions @ Cromer on Westspur feeder pipeline(s), facilitated through the active electronic Canadian Physical Crude or hybrid platforms operated independently of each other by One Exchange Corp. and 2 unaffiliated Energy Brokers, whose pricing is a WTI CMA differential in $USD/BBL, Plus Price Noted Above, whose calculation period is: (The first business day of the month to the initial NOS (Notice of Shipper) deadline for the delivery month.) The counterparties will be responsible for calculating this monthly index by volumetrically weighting all reported transactions for the desired grade and month which are made available to market participants and/or subscribers to these electronic or hybrid platforms.
Buyer Receives: Light Sour Blend (LSB) physical crude @ Cromer on Westspur pipeline(s)
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Sweet - Peace
Buyer Pays: The monthly, volumetrically weighted average for all Sweet (SW), physical crude transactions @ Edmonton on feeder pipeline(s), facilitated through the active electronic Canadian Physical Crude or hybrid platforms operated independently of each other by, One Exchange Corp. and 2 unaffiliated Energy Brokers, whose pricing is a WTI CMA differential in $USD/BBL, Plus Price Noted Above, whose calculation period is: (The first business day of the month to the initial NOS (Notice of Shipper) deadline for the delivery month.) The counterparties will be responsible for calculating this monthly index by volumetrically weighting all reported transactions for the desired grade and month which are made available to market participants and/or subscribers to these electronic or hybrid platforms.
Buyer Receives: Sweet (SW) physical crude @ Edmonton on Peace pipeline(s)
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Syncrude
Buyer Pays: The monthly, volumetrically weighted average for all Syncrude (SYN), physical crude transactions @ Edmonton on Alberta Oil Sands feeder pipeline(s), facilitated through the active electronic Canadian Physical Crude or hybrid platforms operated independently of each other by, One Exchange Corp. and 2 unaffiliated Energy Brokers, whose pricing is a WTI CMA differential in $USD/BBL, whose calculation period is: (The first business day of the month to the initial NOS (Notice of Shipper) deadline for the delivery month.) The counterparties will be responsible for calculating this monthly index by volumetrically weighting all reported transactions for the desired grade and month which are made available to market participants and/or subscribers to these electronic or hybrid platforms.
Buyer Receives: Syncrude (SYN) physical crude @ Edmonton on Alberta Oil Sands pipeline(s)
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Condensate – Fort Saskatchewan
Buyer Pays: The monthly, volumetrically weighted average for all Condensate grade 5 (C5), physical condensate transactions @ Edmonton on Fort Saskatchewan feeder pipeline(s), facilitated through the active electronic Canadian Physical Crude or hybrid platforms operated independently of each other by, One Exchange Corp. and 2 unaffiliated Energy Brokers, whose pricing is a WTI CMA differential in $USD/ BBL, whose calculation period is: (The first business day of the month to the initial NOS (Notice of Shipper) deadline for the delivery month.) The counterparties will be responsible for calculating this monthly index by volumetrically weighting all reported transactions for the desired grade and month which are made available to market participants and/or subscribers to these electronic or hybrid platforms.
Buyer Receives: Condensate grade 5 (C5) physical condensate @ Edmonton on Fort Saskatchewan pipeline(s)
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