Canadian Inventories Inch Higher, Dip in East

Canadian underground inventories rose just 0.8% in November for a monthly gain of 15.8 Mcm, according to the National Energy Board (NEB). As of Dec. 1 they stood at 1921.7 Mcm, the equivalent of 12.1 MMbbl. The slight build followed stocks rising 0.5% in October. Compared to a year ago, however, November volumes were a marked 92.9% higher, or by 925.3 Mcm.

Propane storages in the West climbed 1.8% over the month, representing an addition of 19.0 Mcm and bringing inventories up to 1084.4 Mcm, or 6.8 MMbbl. Storages held an additional 531.7 Mcm compared to a year earlier, and stocks were up 96.2%. In the East supplies declined by 0.4% in November, giving up 3.2 Mcm to begin December at 837.3 Mcm, or 5.3 MMbbl. Conversely, compared to Dec. 1, 2013, eastern storages were 393.6 Mcm fuller, an improvement of 88.7%.

Canadian butane inventories, at 787.7 Mcm as of Dec. 1, fell 15.7%, or 146.4 Mcm, over November. Butane in the West declined 22.8%, or 112.4 Mcm, and ended at 380.1 Mcm. In the East volumes dipped 7.7%, or 34.0 Mcm, compared to October and stood at 407.6 Mcm at the end of November. For the year, Canadian butane supplies were up 1.1%, or 8.3 Mcm. Western inventories were 28.3%, or 150.0 Mcm lower, while eastern stocks were 63.4%, or 158.2 Mcm, higher.

Recapping the NEB report: