The arrival of the shoulder months in the US and Canada will ensure the two countries will be glutted with gas.
Gas injection rates in the US and Canada are low, which resulted in the rare phenomenon of both countries making net storage withdrawals in July. Storage operators are unwilling to increase injection rates as both the US and Canada have ample stocks. US operators injected gas at an average rate of 1.29 bcm per week in the first 18 weeks of the current injection season - lower than the 2.28 bcm/week average during the same period last year. The average rate in Canada during the same period was 0.25 bcm/week compared with 0.42 bcm/y for the same weeks in 2015.