A rainy afternoon in Toronto today, and the gas market has a bit more life to it. NYMEX is up $0.155 USD/MMBtu, while WTI has climbed $3.94 USD/B from yesterday’s close to $87.39 USD/B. The main driver is a materially colder forecast, with the Euro ENS coming in about 11°F colder for Canada. Alberta is seeing the sharpest shift, with temperatures potentially dropping into the single digits by Friday, roughly 15°F below normal. That should give near-term demand some support, although it still feels more like a shoulder-season market than a full-on cold-driven squeeze. DAWN moved up from yesterday’s close at $3.67 CAD/GJ to $3.92 CAD/GJ due to the ongoing force majeure on the GLGT projected to end May 1st. (JM)
