Cold weather returns over family day long weekend

Cold weather returned over family day long weekend. Although settles remained low with high thermal availability, there is the potential for strength in settles today. The weekly average was $34.44/MWh, a 9% increase week over week. With the trading holiday yesterday, the curve is relatively flat.

Gas prices remain flat as well, averaging $1.77/GJ. Near term forwards are lower than previous settles as we near the end of the current winter contract.

TC Energy has announced expansion projects to connect Canadian gas producers to Alberta regions. This includes power generation, oil sands and petrochemical facilities in Alberta. The company is also working on the expansion of a project connecting producers to LNG exports and other markets along the Gulf Coast. Paperwork for the projects have not yet been filed.