The downward market movement experienced yesterday continued today, as the NYMEX fell $0.10 USD/MMBtu (3.3% decrease) to settle at $2.92 USD/MMBtu, the lowest level in two weeks. This movement came despite improved fundamentals with demand forecasts and the recent drop in production. 

The EIA storage release showed a 71 bcf injection last week to put total US lower 48 storage at 3,343 bcf. The storage surplus with the 5-year average for this time of year grew to 188 bcf or 6%. We are now only 38 bcf away from last year’s heavy volumes for this time of year. 

In Western Canada, NGTL (Alberta and BC) production declined by over 500 MMcf/d today with the drops likely attributed to wildfires near production facilities. (PB)