Canadian Propane, Butane Inventories Remain Strong

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Canada’s primary underground propane inventories increased by 1.5% in October to start November at 2411.4 Mcm, the equivalent of 15.2 MMbbl, according to the Canada Energy Regulator (CER). The total represented a slight month-to-month gain of 35.0 Mcm. Compared to a year earlier, stocks were considerably higher, up markedly, with 1195.5 Mcm, or 98.3%, more product on hand.
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Propane storages in the West began November down slightly at 1480.3 Mcm, which corresponds to 9.3 MMbbl, the agency reported. During October, volumes decreased by a slight 9.1 Mcm, or 0.6%, but ended nearly twice the year prior’s level of 759.7 Mcm, for an amazing 720.6, or 94.9%, gain. In the East, supplies started November at 931.1 Mcm, commensurate with 5.9 MMbbl. This addition put propane 44.1 Mcm, or 5.0%, higher for the month, and a major increase of 474.9 Mcm, or 104.1%, above a year earlier.

Canadian butane inventories stood at 1427.3 Mcm at the beginning of November, for a gain of 12.4 Mcm, or 0.9%, from a month earlier. The year-over-year comparison finds current volumes are more than double the prior year’s total. Butane volumes have increased by 784.0 Mcm, a whopping 121.9%. Western butane supplies, at 1035.6 Mcm, were 85.8 Mcm, or 9.0%, greater than the previous month, and 658.8 Mcm, or an incredible 174.8%, above last year. Eastern butane, at 391.6 Mcm, fell 73.4 Mcm, or 15.8%, month over month, but totaled 125.1 Mcm, or 46.9%, more than a year earlier.

SOURCE: The Weekly Propane Newsletter, November 25, 2020. Weekly Propane Newsletter subscribers receive all the latest posted and spot prices from major terminals and refineries around the U.S. delivered to inboxes every week. Receive a center spread of posted prices with hundreds of postings updated each week, along with market analysis, insightful commentary, and much more not found elsewhere.

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