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Financial and derivative instruments (Tables)
 3 Months Ended
Mar. 31, 2021
Schedule of Net Long Short Position Of Derivative Instruments
The net notional long/(short) position of derivative instruments was:
 
(thousands of barrels)
    As at
March 31
2021
     As at
Dec 31
2020		  
Crude
   
 
220
 
     (800 ) 
Products
   
 
(560
) 
     (390 ) 
Summary of Realized and Unrealized Gain or (Loss) on Derivative Instruments
Realized and unrealized gain or (loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a
before-tax
basis:
 
    
    Three Months
    to March 31
  
millions of Canadian dollars
   
2021
     2020  
Revenues
   
 
-
 
     1  
Purchases of crude oil and products
   
 
(14
) 
     34  
Total
   
 
(14
) 
     35  
Summary of estimated fair value of financial instruments
The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement is as follows:
 
millions of Canadian dollars
At March 31, 2021
  
     Fair value     
Effect of
counterparty
netting
    
Effect of
collateral
netting
    
Net
carrying
value
  
      Level 1      Level 2      Level 3      Total  
Assets
                                                             
Derivative assets
(a)
   
 
7
 
   
 
-
 
   
 
-
 
   
 
7
 
     
(2
)
 		    
(5
)
 		  
 
-
 
               
Liabilities
                                                             
Derivative liabilities
(b)
   
 
2
 
   
 
-
 
   
 
-
 
   
 
2
 
     
(2
)
 		  
 
-
 
  
 
-
 
(a)  Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”.
(b)  Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities”.
 
 
 
 
millions of Canadian dollars
At December 31, 2020
  
     Fair value     
Effect of
counterparty
netting
    
Effect of
collateral
netting
    
Net
carrying
value
  
      Level 1      Level 2      Level 3      Total  
Assets
                                                             
Derivative assets
(a)
      2        -        -        2        (2 )      -       -  
               
Liabilities
                                                             
Derivative liabilities
(b)
      12        -        -        12        (2 )      (10 )      -  
(a)  Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”.
(b)  Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities”.