Natural gas storage in Alberta neared record levels by mid-May, following months of robust production and mild spring weather. However, with Canada’s first major export terminal slated to ramp up in earnest this summer, demand is poised to accelerate, and underground stockpiles could finish the current injection season notably below year-earlier levels.
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Gas storage in Alberta, the Western Canada region that accounts for the bulk of the country’s reserves, reached 387 Bcf as of May 13, RBN Energy LLC data show. That was 11 Bcf less than the record high level for the same date last year and 100 Bcf greater than the five-year average, the firm said.
RBN currently estimates that Alberta exits the injection season at the end of October with 480 Bcf in storage. That would be 39 Bcf greater than the five-year average. But it would be 44 Bcf less than 2024 and well below the region’s estimated storage capacity of about 540 Bcf.