Happy Friday.
A quiet Friday to wrap up January; natural gas prices have barely moved today. March 2025 at NYMEX closed at $3.05 US/mm, down 1 cent. Weather forecasts have not changed dramatically either; we are still expecting relatively normal temperatures.
Trump has been in the news suggesting that tariffs on Canadian exports could come as soon as tomorrow, February 1st, but it is still unclear if Canadian energy will be included. In fact, the whole thing is unclear (which might be the point). Regardless, if tariffs do go through, it is bad news for Canadian producers, energy and/or otherwise.
Our opinion here is that tariffs on energy are illogical, but may still happen. Any decision that is made may be quickly undone as the political landscape shifts, and the sun will continue to rise every day. There is ample gas in storage, spring is almost here, and there will continue to be a liquid market for gas.
Have a great weekend!