Gas markets were down again today, but with some cold on the way for both the USA and Canada, futures ultimately settled basically unchanged from yesterday. Most of the cold for Canada is currently concentrated in the West (overnight lows in Calgary are -30 degrees Celsius), but Ontario will feel the drop next week. That being said, forecasts are quite variable and may not fully play out exactly as expected.

Canadian production is still strong and stable, as well as imports from the US to Dawn. As a result, cash prices at Dawn are weak. However, with storage inventories starting to get low, we could see a lot of volatility this spring if more cold snaps come and linger.