A big sell to kick off the week, the March 2026 front month contract settling down 21 cents to $3.03 US/mm, and the following 11 months settling down about 12 cents on average. Production is very strong and weather is currently mild, but be aware that the Euro Ens model did note some colder revisions in the 6-10 day period in all areas of the USA besides the West and Eastern Canada. Next week could see a brief but significant cold snap in Ontario. The 8-14 day outlook remains warm though.
Enbridge reported that from February 1 to 15, about 38 PJs were withdrawn from Dawn and Tecumseh’s combined storage inventory. Another very large withdrawal, but not quite as big as the previous period. Inventories are 24.7% less than last year, and 28.5% less than the 5-year average.
