Canada began the 2016-2017 withdrawal season in its worst-ever gas glut. However, the surplus is dissipating fast because the country’s overall gas demand is growing, especially weather-related consumption. This will continue to support regional gas prices in the country during the coming weeks.
Canada had 17.39 billion cubic metres of gas in storage in the week ending 6 January, 79.8% of capacity and 5.5% lower than at the same time last year. Below-average temperatures this winter have increased the country’s gas drawdown rate, which averaged 380 million cubic metres (MMcm) per week in the first 10 weeks of the current withdrawal season compared with 140 MMcm per week during the same period last year.
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