The bitter cold biting the Lower 48 continues to affect Canada as well, driving maximum daily withdrawals from gas in storage and opening a wider deficit to the five-year low as marketers take advantage of strong AECO spot prices.
Withdrawals have been essentially maxed out recently due to high cash prices incentivizing traders to pull gas out of storage for sale into the spot market, according to S&P Global Platts Analytics Western Canada’s withdrawals could even see a boost in the coming weeks, as demand is expected to be largely flat, while takeaway capacity out of Alberta is expected to see a modest increase. Takeaway through the East Gate on the NGTL pipeline system is forecast to be unconstrained starting Feb. 2 through the rest of the month, with capacity scheduled to be 5.12 Bcf/d for a […]