Based on morning activity, the market appeared to be in for a quiet day as it hovered around neutral. This changed by the afternoon after we saw bullish momentum push the market up $0.06 USD/MMBtu to settle at $3.27 USD/MMBtu. Fundamental factors continue to lean bearish with milder forecasts in the US, increased production volumes, and elevated storage levels in the lower 48.

AECO cash prices traded positively today for the first time in a week, following the completion of the maintenance restricting Eastgate flows (flows to Eastern Canada) and shut-ins from Alberta producers. That being said, September is still set to become the worst month for AECO cash price on record, with an average daily price of $0.24 CAD/GJ. A combination of maintenance-related restrictions, inconsistent LNG flows, and oversupply of gas has decimated AECO prices this month. Winter forwards still appear optimistic as the risk of cold weather and increased LNG flows is keeping the market afloat. (PB)