After the highly volatile week, Friday allowed traders to breathe with a range-bound trading session. The NYMEX front month flirted with small gains before eventually edging down $0.05 USD/MMBtu or 1% to settle at $4.31 USD/MMBtu. Despite today’s drop, the front month still ended 4.5% higher, representing the third consecutive positive week.

As Winter is upon us, the top of everyone’s mind is the weather.  Next week, Eastern Canada can expect a cold shot on the 10th and 11th, but temperature is expected to rebound back to above normal for the following days. North America as a whole is forecasted to stay above normal through to the third week of November. Longer-term forecasts into December show a weak La Niña pattern forming. Traditionally, a La Niña supports colder temperatures in the Northwest and warmer temperatures in the East; however, a weaker La Niña means this pattern is less rigid. Meteorologists present a highly volatile Winter pattern forming with risk for severe weather fluctuations similar to last year. (PB)

Source: National Oceanic and Atmospheric Administration (NOAA)