February demand on average is almost 5% below last year and price is significantly below without any major weather events in the last 4 weeks. Prices spiked last Tuesday with a combination of factors including commercially minded offer-behavior in the offer strategy. The week averaged 34% higher than last at $45.98/MWh, however still well below the year to date price of $90.10/MWh.
Gas remained flat again, averaging $1.78/GJ. With the warmer temperature this month the storage deficit has continued to decrease – anticipating to narrow to only 28 Bcf by the end of the month from 63 Bcf at the beginning of the month.
It was a big news week – Teck formally withdrew their application for the $20 billion oilsands mine. The Alberta Court of Appeals also ruled on the Federal carbon pricing law, deeming it unconstitutional – the first province to rule against the legislation. Next month Alberta will join Ontario, Saskatchewan and Quebec at the Supreme Court of Canada for the ultimate decision.