Dawn hub storage approaching record low levels Below are storage levels at Dawn and nearby Tecumseh storage facilities:
https://www.uniongas.com/-/media/storage-transportation/infopostings/storagereport/STAR_Historical_Working_Inventory.xlsx?la=en&hash=8F4FA6E6A92630A59D72709AD705E272B513B8B9
BIR has a rather large exposure to Dawn, probably a commitment made years ago when AECO was very erratic, often trading in the negative territory during NGTL summer pipeline maintenance and construction. AECO has lately improved and is more steady but it will take time to transition to it due to the long term commitment to Dawn. Details are in the company's presentation and page 9 of February 10 press release.
As can be seen from the above link, storage levels at Dawn, which are reported every 15 days, have plunged in February and are a lot lower than a year ago. The withdrawal season isn't over and by the end of March storage may reach record low levels. Hopefully, Dawn prices will stay strong to bring the storage to normal levels and this should benefit BIR. The current difference between Dawn and AECO is about 50 cents which is somehow justifying higher transportation costs. Wider diffs are better, of course.