Every gas storage injection season gives us a chance to size up how supply and demand components might influence how much gas can be stuffed away in underground reservoirs prior to the next heating season. For the Canadian storage injection season that is just getting underway, a number of factors have shifted that balance, resulting in a slowing rate of gas storage builds this year. A slower build, and subsequently lower storage levels by the end of the injection season than last year, seems likely to provide solid support for Canadian gas prices. Today, we review the latest developments and outlook for gas fundamentals in Canada.
The arrival of spring in North America brings with it more temperate weather, prompting people to get outside, do some spring cleaning, and shake off the winter cobwebs. This year, even more than most, we’re looking forward to coming out of our winter burrows (or pandemic bunkers), the beginning of baseball season, and, of course, the gas storage injection season. This period, traditionally running from April 1 to October 31, takes advantage of the lower space heating demand of the spring, summer, and early fall to replenish underground storage reservoirs across North America. It is also a time when market pundits develop forecasts of how much gas will be injected, and to what level storage reservoirs will fill, by the end of October and before the kick-off of the next heating season and another round of storage withdrawals.
It’s our turn at RBN to wade in and again develop an outlook for Canadian gas storage injections this year, similar to what we did last year in Got Me Under Pressure. That blog was followed by our Canadian winter storage withdrawal outlook, which we posted late in 2020, a time well before the Deep Freeze of February 2021 and the record activity that swamped the Canadian gas market in terms of demand, storage withdrawals, and exports to the U.S. Those February extremes clearly accelerated the overall drawdown of Canadian gas storage in the heating season that just ended.
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Before delving into our outlook for this year’s injection season, let’s take a look at how Canadian gas storage finished up on March 31 and how our forecasts compared to the actual outcomes. As with most of our analysis of the Canadian natural gas market, we draw on data published every week in our Canadian NATGAS Billboard, RBN’s weekly guide for all things related to Canadian natural gas.
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About the song
"All Summer Long" was written by Brian Wilson and Mike Love, and appears as the second song on side one of The Beach Boys' sixth studio album of the same name. The song was recorded in May 1964 at United Western Recorders in Los Angeles, with Brian Wilson producing. It was released as a single in the UK, but not in the U.S. Personnel on the record were: Brian Wilson (lead and backing vocals, keyboards, xylophone, marimba), Al Jardine (bass, rhythm guitar), Mike Love (lead and backing vocals), Carl Wilson (backing vocals, lead and rhythm guitar), and Dennis Wilson (backing vocals, drums, percussion).
The album, All Summer Long, was recorded between October 1963 and May 1964 at United Western Recorders in Los Angeles. Released in July 1964, it went to #4 on the Billboard Top 200 Albums chart and has been certified Gold by the Recording Industry Association of America. Three singles were released from the LP. "I Get Around" went to #1 on the Billboard Hot 100 Singles chart, making it the first chart-topper for The Beach Boys.
The Beach Boys are an American rock band formed in Hawthorne, CA, in 1961. They have released 29 studio albums, eight live albums, 55 compilation albums, 23 EPs, and 71 singles. The main lineup of the band, with Brian, Carl, and Dennis Wilson, along with Mike Love and Al Jardine, made many hit records in the 1960s. The Beach Boys still occasionally tour, as does Brian Wilson as a solo artist. Dennis Wilson died in 1983, and Carl Wilson in 1998.
