We feel the heat! Temperatures in Toronto feel as high as 32 degrees Celsius today, just as we come finish up a weekend spike above normal temperatures according to the ECMEN weather model. Currently, temperatures are expected to remain above the 10-year normal through until the 20th, and NOAA’s model agrees.
NYMEX futures were down about 10 cents this morning, but have slowly increased throughout the day to settle a cent or two higher than Friday. August, the front month, settled at $3.41 US/mm.
On the storage front, Enbridge reported that as of July 1st, Dawn has 113 PJs of working storage in its inventory (its working gas capacity being 186.8 PJs), meaning that it is over 60% full with three months left to go of injection season. Since this winter, Dawn inventories have stayed at or below the 10-year average. Unsurprisingly, they are well below the prior year.
Once again, where this figure is by the end of the summer will be crucial for determining where prices for gas this winter will be. Keep an eye on the storage reports each week to get a feel.
