Surplus

The Canadian oil surplus generated by the Covid-19 pandemic and demand contraction has spun off a new storage revenue stream for Enbridge Inc. worth up to C$8.7 million ($6.5 million) over the next eight months.

November natural gas is expected to open 4 cents higher Thursday morning at $2.93 as overnight weather models hint at cooler temperatures late in the forecast period. Overnight oil markets retreated.

January natural gas is expected to open 14 cents higher Wednesday morning at $3.40 as weather forecasters see Alaska ridging developing by the end of the month. Overnight oil markets rose.

January natural gas is set to open 3 cents higher Thursday morning at $3.63 in spite of weather forecasts calling for slightly less cold, and expectations of a government storage report expected to show an increasing surplus. Overnight oil markets were mixed.

October natural gas opened a penny higher Tuesday morning at $3.01 as traders note a continuing reduction in the storage surplus. Overnight oil markets plunged.

September natural gas is expected to open 3 cents lower Friday morning at $2.80 as traders discount the extreme storage report of Thursday and concentrate on static supply levels. Overnight oil markets retreated.

Gas for Friday delivery weakened in trading Thursday as most traders hunkered down and got deals done before the release of Energy Information Administration (EIA) inventory data.

March natural gas is expected to open 3 cents lower Thursday morning at $2.01 as traders anticipate government storage data to show little impact on a long-term supply surplus that shows no sign of diminishing any time soon. Overnight oil markets were mixed.

August natural gas is expected to open 2 cents lower at $2.83 Friday morning as even though Thursday’ storage report was considered bearish, the long-term surplus suggests futures trading will be rangebound. Overnight oil markets retreated.