In the early hours of trading, the market appeared to be continuing its two-day rally, but by the afternoon, most of those gains had dissipated. As of 3 PM (EST), the NYMEX front month (Oct-25) is currently down $0.02 USD/MMBtu, with the winter strip (average of Nov-25 to Mar-26) up $0.02 USD/MMBtu. As we enter the back half of the month, we can expect market fundamentals to have a stronger impact on NYMEX front-month pricing as traders liquidate speculative positions.

Temperatures throughout the remainder of September will remain slightly above normal in Canada and the US, resulting in reduced need for commercial or residential heating demand. Canadian production has dropped as export pipelines away from Alberta continue maintenance, helping to elevate AECO cash prices from near $0.00 CAD/GJ, where they were trading at earlier this week. (PB)