The storage report for the week ending March 28, 2025 was an injection of +29 Bcf in the lower 48. This was slightly more than expected, which should have a bearish impact, but clearly not today; the NYMEX May front month contract rallied 10 cents to close at $4.11 US/mm today. In addition to scheduled maintenance reducing production levels, the lingering uncertainty around how long this trade war will last and how far it will go, it’s understandable that prices are staying high, for now.
Also, note that Enbridge has increased their QRAM rate adjustment, so their customers will soon see a significant increase in their bills starting April 1, 2025. However, also note that the OEB approved the removal of the Federal Carbon charge from everyone’s gas bills.
