March 19 2024 Market Update

Spot NYMEX has been trading tight without direction all week.  Both Apr and May futures are trading below $2.00 US/mm

The Summer Strip is trading $2.26 US/mm and Winter Strip is trading $3.45 US/mm.

Even though it has been cooler in Ontario this week and there is even some snow out the window right now in Toronto, Storage withdrawal season is coming to an end and injections will be starting soon.  Ontario working gas in storage 23% above 1 year ago and 75% higher than the 5 year average (credit to RBN Energy).  Barring curtailment, that is going to limit any rally in prices at Dawn. [WFG]

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