Energized / Energisé - Winter / Hiver 2017 - 20

for short-term summer-to-winter trading, which do not appear in EIA data,
are not the factor they have been: this
year's stronger prices for summertime
propane provided less incentive to buy
and hold barrels.
At the start of September, forward
month Conway propane prices for
December, which should be higher
than September, stood at a narrower 3.125¢/U.S. gallon premium to
September. They were less high this
year compared to last year because

propane prices at Conway are so
inflated - in 2016 the September/
December Conway spread opened
at 6.875¢/U.S. gallon at the start of
September. This narrower spread
makes rail storage less profitable.
Overall, U.S. propane inventories
stood at 80.8 million barrels the week
ending 15 September, down 20.5 per
cent from year-ago levels. Expanded
export terminal capacity in the U.S.
includes Phillips 66's new Freeport,
Texas, export facility and North America

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20 ENERGIZED
| ÉNERGISÉ
871275_Fischer.indd
1

is shipping more propane than ever to
markets in Asia. Higher U.S. prices did
cause some cargo cancellations during
the summer, but many buyers of U.S.
propane under long-term contracts
continue to export volumes. The U.S.
continues to bleed off excess propane
production into international markets,
with more than 1 million barrels per day
(bpd) exported in mid-September.
The markets of eastern Canada will
be most impacted by expanded exports
from the Marcus Hook, Pennsylvania,
export terminal, as Energy Transfer
Partners' Mariner East 2 pipeline expansion is tentatively slated to commence
operations later in the year. The pipeline
project, which will move 275,000 bpd
of propane, ethane, and butane from
Marcellus shale fractionators to the
export terminal, could significantly
tighten the NGL market in Sarnia, particularly for propane.
However, there may be regulatory
delays. Commissioning of the Mariner
East 2 project has been delayed, and
many suppliers have renegotiated their
contracts to start exports in 2018, potentially easing eastern Canadian supply
worries this winter.
In the meantime, midstream operators relying on the Mariner East 2 pipeline are making plans to move excess
volumes by other means should the
project see further regulatory delays,
and some report a tighter market for
railcars in the region as a result. North
American rates for a five-year lease for
a pressurized railcar stood at $500 per
month in September, up from $375 per
month last year.
Some observers believe propane
retailers eyeing the strong export
demand seen out of the U.S. likely
moved early this summer to buy necessary volumes and store it privately
ahead of heating season; if that is the
case, these volumes "hidden" in secondary storage could ease the tightness in the market.
"My suspicion is that because the
barrels are not leaving the country,
and are not going into petrochemicals or wholesale storage, the only
destination left is secondary and tertiary inventories," said EIA analyst
Warren Wilczewski.

09/10/17 11:33 PM


http://www.fishertank.com http://www.FISCHERTANKS.com

Table of Contents for the Digital Edition of Energized / Energisé - Winter / Hiver 2017

Message from the Vice-Chair | Mot du vice-président du conseil
What can You Make Out of Propane? | Que pouvons-nous faire avec le propane ?
Propane: Bringing Value Back Home to Canadians | Propane : plus de valeur pour les Canadiens
Renewable Propane: A Clean Fuel Made Even Cleaner | Propane renouvelable : un carburant propre qui se fait encore plus propre
Winter May Bring Propane Supply Challenges | L’hiver pourrait avoir certaines incidences sur les réserves de propane
The CPA: Working for You | Nous travaillons pour vous
Auto Propane: A Leading Clean Alternative Fuel for Buses | L’auto-propane, principal carburant de remplacement pour les autobus
Members on the Move | Membres en action
Index to Advertisers | Index des annonceurs
Energized / Energisé - Winter / Hiver 2017 - intro
Energized / Energisé - Winter / Hiver 2017 - ebelly1
Energized / Energisé - Winter / Hiver 2017 - ebelly2
Energized / Energisé - Winter / Hiver 2017 - cover1
Energized / Energisé - Winter / Hiver 2017 - cover2
Energized / Energisé - Winter / Hiver 2017 - 3
Energized / Energisé - Winter / Hiver 2017 - 4
Energized / Energisé - Winter / Hiver 2017 - 5
Energized / Energisé - Winter / Hiver 2017 - Message from the Vice-Chair | Mot du vice-président du conseil
Energized / Energisé - Winter / Hiver 2017 - 7
Energized / Energisé - Winter / Hiver 2017 - 8
Energized / Energisé - Winter / Hiver 2017 - What can You Make Out of Propane? | Que pouvons-nous faire avec le propane ?
Energized / Energisé - Winter / Hiver 2017 - Propane: Bringing Value Back Home to Canadians | Propane : plus de valeur pour les Canadiens
Energized / Energisé - Winter / Hiver 2017 - 11
Energized / Energisé - Winter / Hiver 2017 - 12
Energized / Energisé - Winter / Hiver 2017 - 13
Energized / Energisé - Winter / Hiver 2017 - 14
Energized / Energisé - Winter / Hiver 2017 - 15
Energized / Energisé - Winter / Hiver 2017 - Renewable Propane: A Clean Fuel Made Even Cleaner | Propane renouvelable : un carburant propre qui se fait encore plus propre
Energized / Energisé - Winter / Hiver 2017 - 17
Energized / Energisé - Winter / Hiver 2017 - Winter May Bring Propane Supply Challenges | L’hiver pourrait avoir certaines incidences sur les réserves de propane
Energized / Energisé - Winter / Hiver 2017 - 19
Energized / Energisé - Winter / Hiver 2017 - 20
Energized / Energisé - Winter / Hiver 2017 - 21
Energized / Energisé - Winter / Hiver 2017 - 22
Energized / Energisé - Winter / Hiver 2017 - The CPA: Working for You | Nous travaillons pour vous
Energized / Energisé - Winter / Hiver 2017 - 24
Energized / Energisé - Winter / Hiver 2017 - 25
Energized / Energisé - Winter / Hiver 2017 - 26
Energized / Energisé - Winter / Hiver 2017 - 27
Energized / Energisé - Winter / Hiver 2017 - Auto Propane: A Leading Clean Alternative Fuel for Buses | L’auto-propane, principal carburant de remplacement pour les autobus
Energized / Energisé - Winter / Hiver 2017 - 29
Energized / Energisé - Winter / Hiver 2017 - 30
Energized / Energisé - Winter / Hiver 2017 - Members on the Move | Membres en action
Energized / Energisé - Winter / Hiver 2017 - 32
Energized / Energisé - Winter / Hiver 2017 - 33
Energized / Energisé - Winter / Hiver 2017 - Index to Advertisers | Index des annonceurs
Energized / Energisé - Winter / Hiver 2017 - cover3
Energized / Energisé - Winter / Hiver 2017 - cover4
http://www.nxtbook.com/naylor/FUMT/FUMT0118
http://www.nxtbook.com/naylor/FUMT/FUMT0317
http://www.nxtbook.com/naylor/FUMT/FUMT0217
http://www.nxtbook.com/naylor/FUMT/FUMT0117
http://www.nxtbook.com/naylor/FUMT/FUMT0316
http://www.nxtbook.com/naylor/FUMT/FUMT0216
http://www.nxtbook.com/naylor/FUMT/FUMT0116
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