Energy markets continued to move higher today. The 12-month NYMEX strip was up $0.02 USD/MMBtu and the 12-month Dawn strip was up $0.09 CAD/GJ. Dawn led the move as the Ontario balance tightened: Dawn flipped to storage withdrawals mid-week while Iroquois exports stayed elevated near 410 MMcf/d. Ontario weather also cooled in the 6-10 day window, giving the market one more demand bump before temperatures moderate.

The flow picture improved today, but remains volatile. Net Ontario imports are up 611 MMcf/d to 2.1 Bcf/d, helped by a sharp rebound in St. Clair receipts as both GLGT and Vector moved higher. If those volumes hold, Dawn should return to injections and some of today’s strength could fade. (HX)