Snow has set in across Alberta which probably means that Winter is here to stay. An October with record
snow fall averaged $63.48/MWh, over a 200% increase from last October which averaged $20.45/MWh.
Strong settles continued into the first week of November averaging $55.17/MWh. 12 hours settled over
$100/MWh. Short term forwards continue to increase with outages in MIDC.
October gas averaged $1.36/GJ, with three days settling negatively due to the Enbridge pipeline outage. This
week averaged a 10% increase at $0.98/GJ. Near term forwards are up ~$0.25/GJ with response to cold
weather forecasts in keeping with NYMEX price which is also trading up.
Without additional transportation capacity, Canadian crude is expected to continue to trade at a significant
discount. Production is expected to decrease in the last couple months of the year in response.