Canadian gas storage levels concluded the most recent heating season at multi-year lows, especially in the western half of the nation, which hit a 16-year low at the end of March. Though storage sites have been refilling at a steady rate so far this summer, storage in the west, a region vitally important for balancing the North American gas market during high winter demand, remains unusually low for this time of year. In today’s RBN blog, we examine the latest developments in Canadian natural gas storage and explain why storage levels in Western Canada may start the next heating season at critically low levels.
Canadian crude output is rising, requiring new export routes. As traditional pathways face constraints, the U.S. Rockies—especially the Guernsey, WY hub—are emerging as key corridors for moving Canadian heavy crude to downstream markets, including the Gulf Coast.
This year’s gas storage refill season is garnering more attention than usual. From the distant storage sites scattered across Europe to those closer to home in the U.S. and Canada, making sure that there is enough gas in the ground for the next heating season has become an all-consuming focus after what were larger-than-average storage withdrawals, and lower-than-average storage levels by the end of the most recent winter heating season. Add the current heightened sensitivity to energy security and tracking how gas storage levels are rebuilding this year has become even more important.
Though seemingly distant from the natural gas market’s usual line of sight on U.S. storage, inventory levels in Canada after the most recent winter, especially in Western Canada, have been getting more headlines of late. Data from RBN’s Canadian NATGAS Billboard showed that storage levels in the eastern half of the nation fell to a three-year low (left-hand chart in Figure 1) at the end of March, while those in Western Canada fell to a 16-year low (right-hand chart).
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About the song
“East Bound and Down” was written by Jerry Reed and Dick Feller. It was written for the soundtrack of the film Smokey and the Bandit and appears as the 10th song on the soundtrack album. Produced and sung by Jerry Reed, it was released as a single in August 1977 and went to #2 on the Billboard Hot Country Singles chart. Reed, who was a co-star in Smokey and the Bandit, also released the song on his 1977 solo album of the same title. Personnel on the album were: Jerry Reed (lead vocals, guitar), Gordon Stoker (backing vocals), Beegie Adair (keyboards), and Bobby Thompson (banjo).
Smokey and the Bandit: Music from the Motion Picture was released in August 1977 and went to #10 on the Billboard Top 200 Albums chart. The movie was an American road trip action comedy starring Burt Reynolds, Sally Field, Jackie Gleason, Jerry Reed, Paul Williams, Pat McCormick, and a 1976 Pontiac Firebird Trans Am with a 1977 front end.
Jerry Reed was an American country music singer, guitarist, songwriter and actor. He released 50 studio albums and 59 singles. He appeared in 22 television shows and motion pictures. Reed won two Country Music Association Awards and three Grammy Awards. He was a member of the Country Music Hall of Fame and the Musicians Hall of Fame. Reed died in Nashville in 2008 at the age of 71.
