Gas futures continue to hold steady, the difference between today’s settle and yesterday’s settle is only a cent or so. The July front month contract settled at $3.72 US/mm. Tomorrow’s storage report is expected to be the sixth consecutive triple digit injection for the lower 48 states.

Canada is more of an interesting picture. As of June 1st, Enbridge reported that Dawn’s working storage inventory is 104 PJs, 11 more since two weeks ago. Not as large of a build as earlier in the season. Since cooling demand in Ontario hasn’t been that heavy yet, it begs the question of where Enbridge is in its program to fill storage for winter, especially since capacity constraints for Dawn-injections has not been lifted yet. At some point they’ll have to pick it up. Meanwhile AECO is still hammered with extremely cheap gas, but only for immediate delivery, the balance of month is still somewhat normal. The maintenance causing the constraint should be done by June 15th.