Forward curve relatively flat as Alberta observes trading holiday

After a beautiful May long weekend without any snow, some offices are starting their gradual return to work this week. The Alberta Internal Load is up ~300 MW from last week. With significant supply availability, prices were flat week over week averaging $28.47/MWh. The forward curve was also relatively flat as Alberta observed a trading holiday yesterday.

AECO gas prices were down 11% week over week, averaging $1.89/GJ. The balance of year forwards are up ~$0.15/GJ, with the year trading over $2/GJ. This is likely following the increase in NYMEX due to the decreased rig count and expectations over decreasing associated gas.

The final joint on the Keystone XL pipeline was welded last week, crossing the Canadian-US border. This week, US presidential candidate Joe Biden stated that if he was elected into office he would cancel the permit.