A couple pieces of supply-related news today.

First, the Albertan NOVA pipeline system has restricted delivery to the Northwest for export. The restriction is expected to last for about a week, starting today. The excess gas on the market will probably be bearish for AECO spot prices.

Second, Freeport LNG experienced a power outage yesterday morning, and its ability to accept feed gas is still down. As a result, feed gas flow dropped from a record 16 Bcf/d to 12.4 Bcf/d for the major export plants in the lower 48 states. This flow has been growing and growing each month, and finally something interrupts that pace.

Ultimately though, the NYMEX market rallied today. Gas futures gained about 12 cents across the rest of the summer strip, the front month June closed at $3.62 US/mm. This coincides with the EIA’s short term energy outlook estimating that “the Henry Hub spot price will average nearly $4.20/MMBtu in the third quarter of 2025 (3Q25)”, over double what it was last fall, primarily driven by increased LNG export capacity and increasing demand for electricity.

The forecast for tomorrow’s storage report from the EIA is still an injection of +99 Bcf. Stay tuned.