Data reported by the Canada Energy Regulator (CER) for Western Canada’s propane inventories at the end of March (left hand chart in top figure below) were posted at 3.44 MMb, with a well below seasonal average reduction of 0.09 MMb versus February and stand 0.95 MMb (+38%) above the five-year average. Those in Eastern Canada (right hand chart) came in at 1.08 MMb, with a seasonally less than average decrease of 0.28 MMb versus February and are now a slight 0.09 MMb (-8%) below the five-year average. With propane in eastern Canada more tied to space heating needs, the less than average inventory drawdown was due to the region experiencing its eighth warmest March since 1900. With respect to propane stocks in Western Canada, the region did experience a colder than average March, but since 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, weather may have less influence on stock levels than other factors.
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