Natural gas storage activity in Canada’s two largest gas storage regions of Alberta and Ontario have been experiencing very strong withdrawals during the month of February. Based on data from RBN’s Canadian NatGas Billboard, Alberta has withdrawn 56 Bcf from storage up to February 19, making it the third highest withdrawal for the month in the past 30 years (green column in left hand chart below). Alberta has suffered through its seventh coldest February to date since 1900, while Western Canada’s cold is ranked tenth. The strong withdrawal rate comes after a very mild January (Alberta 18th warmest since 1900, Western Canada 15th warmest) left Alberta gas storage well above a year ago. With the stronger withdrawals, Alberta storage is estimated to be 366 Bcf as of February 19, just 2 Bcf above a year ago (blue text in right hand chart), and may dip below a year ago before the end of this month despite a forecast for a significant moderation in temperatures.
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