A turbulent end to the trading week saw the NYMEX dip as low as $2.90 USD/MMBtu and then rebound back to $3.00 USD/MMBTU, before finally settling at $2.94 USD/MMBtu. In total, the NYMEX fell $0.12 USD/MMBTU or 4% this week. Another thing to note is that Nymex-Dawn Oct 25 basis tightened $0.10 USD/MMBtu this week, showing relative strength for eastern Canadian prices.
In the US, meteorologists forecast weather to stay warmer than normal over the next two weeks supporting, power-driven demand. In Western Canada, temperatures are expected to dip slightly (highs of 15°C) with the potential for heating demand in Alberta at the end of September. Eastern Canada will be warm next week and then cool to around 18°C the following week. (PB)