Another day, another headline. Or three. Looks like Donald Trump is not happy about Ontario’s surcharge on exported electricity, and is back to threats of annexation and financial ruin. Doug Ford just announced that this surcharge is now suspended. Also, the US has doubled tariffs on Canadian steel, but apparently has moved to undo this as well.

Although the NYMEX remains relatively stable, only moving down 5 cents to settle at $4.40 US/mm, the US stock market continues to tank, notably the Dow Jones Industrial, NASDAQ, and S&P 500. Reuters reported that the selloff caused the S&P 500 to lose $5 trillion US in market value since last month. Clearly, all the conflicting policy changes does not inspire confidence.

It is currently 11 degrees Celsius in Toronto. Evidently, heating demand is very low. Ontario temperatures are set to dip back down over the next few days, but then it’s back up to normal and above normal for the rest of the month.

The expectation for Thursday’s storage report is a withdrawal of about -58 Bcf, and -40 Bcf for the next week.This number is slowly but surely decreasing as it warms up. Stay tuned…