Data reported by the Canada Energy Regulator (CER) for Canada’s propane inventories at the end of December 2023 placed them near the middle of the five-year range. Stocks in Western Canada (left hand chart in top figure below) were reported at 5.62 MMb, a slightly less than seasonal average decline of 0.79 MMb versus November and are 0.46 MMb (+9%) above the five-year average. Those in Eastern Canada (right hand chart) registered at 3.26 MMb, with a slower than seasonal average decrease of 0.45 MMb versus November and are still 0.40 MMb (-11%) below the five-year range. Well above average temperatures across all of Canada in December, the second warmest since 1900, contributed to the slower than average inventory declines, especially in Eastern Canada. Even though temperatures in Western Canada were much above average in December, a sizeable portion of the region’s propane production is railed for export to terminals in British Columbia and Washington state or to the Midwest and can be less influenced by warm weather anomalies in terms of inventory changes.
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