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Tuesday, June 21, 2016 11:27:22 PM
1. Poor ole Canadian gas producers going broke fast (Link). This means they will not be overproducing cheap nat gas this year. Canadians have another problem. The way the weather looks now, the polar jet stream will be to the far north, pushing a whole lot of cold fronts down from northern Canada to south Canada and the northern United States. Lots of deep snow and bitter cold on the way for the most populous areas in Canada and US. Looks like they will have to import gas from the US rather than sell it to us.
2.Southern California is going to run out of nat gas in the middle of a heat wave (link). Over the last 4 months, Aliso Canyon gas storage facility in Los Angeles County, California has leaked out 5.4 billion cubic feet of nat gas. Although the leak has been plugged, significant work remains before the state will certify that additional gas can be safely pumped into the facility. Officials estimate that there could be up to 31 days this year during which gas deliveries will need to be curtailed because demand will exceed supplies, potentially causing 14 days of rolling blackouts in Southern California this summer. (ouch)
3.A misleading statement: Because of the warm winter 2015, total U.S. natural gas storage stood at 23.2% above the five-year average for this time of year. Unless intense summer heat boosts demand from power plants, stockpiles will test physical storage limits at the end of October. The misleading part here is that production has dropped 5 Bcf/d and demand is up 5 Bcf/d. The reality is that we will reach November below the 5 year average.
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