Today is storage day, so the EIA reported an injection of +46 Bcf. As of July 17, there is 3,052 Bcf of gas in the lower 48’s storage, which is up 6.2% from the 5-year average of 2,874 Bcf, but down from last year’s historic season by a margin of 4.9%. Storage remains ahead of the 5-year average, but not by a gap as historic as last year’s, and total working gas is well within the five-year historical range.

As an update to yesterdays tangent, AECO is continuing to see these same drops but quite a bit more starkly, as we saw a drop in over +$0.30 CAD/GJ, or in other terms a 37.95% drop to $0.5386 CAD/GJ. These prices are expensive not just due to the geographical location of the AECO market in Alberta and the constant surplus of natural gas, but due to situations like wildfires and operational constraints with pipelines out west causing gas to back up in the area, or speculators anticipating these events. The situation is not over quite yet, just today there was news that the NOVA pipeline network will have a partial restriction of flows from July 18th to 27th.

That’s all from us, happy Thursday! (AA)