AESO issues a state of supply surplus

It’s Stampede week in Calgary and although it looks a little different – people have still dusted off their boots to get mini donuts and see the fireworks. Typical Stampede weather always includes thunder storms, but the tornado watch for Southern Alberta this year was a new one. Prices averaged 21% down week over week at $24.82/MWh with AESO issuing a state of supply surplus. The forward curve remains steady as we enter the second half of the year.

AECO gas prices continue to settle consistently – averaging $1.72/GJ this week. Storage levels in Alberta are at a three year high, despite setting a new record low at the end of March. Over the weekend, 4Bcf was injected.

A big news week for oil and gas with Keystone construction starting in Alberta, the first oil shipment going through the Panama Canal and another win for TMX in the Supreme Court.