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Canada Natural Gas Falls on Supply Bounce, Cooler U.S. Forecast

Canadian natural gas fell as supplies increased and U.S. weather moderated, signaling less demand for fuel to run air conditioners.

August gas in Alberta declined 4.2 percent as Canadian inventories for the week ended June 29 grew by 9.26 billion cubic feet to 599.5 billion, according to Canadian Enerdata Ltd. MDA EarthSat Weather of Gaithersburg, Maryland, predicted temperatures would decrease in the U.S. Midwest and Northeast in the second half of the month.

“We’ve had some of the weather moderate over the last few days out east,” Martin King, an analyst with FirstEnergy Capital Corp., in Calgary, said in a telephone interview. “We’ve had a little bit of a supply bounce-back in Alberta.”

Alberta gas for August delivery decreased 9.5 cents to C$2.1925 per gigajoule ($2.03 per million British thermal units) as of 3:45 p.m. New York time on NGX, a Canadian Internet market. Gas traded on the exchange is shipped to users in Canada and the U.S. and priced on TransCanada Corp.’s Alberta system.

Alberta gas has fallen 15 percent this year, from C$2.58 on Dec. 31, and risen 35 percent from C$1.625 at the end of March.

Natural gas for August delivery on the New York Mercantile Exchange slid 14.6 cents to settle at $2.737 per million Btu.

Cooler Weather

The high in Chicago on July 21 may be 74 degrees Fahrenheit (23 Celsius), 10 below normal, according to AccuWeather Inc. in State College, Pennsylvania. A day earlier, New York may reach 83, 1 degree less than average.

“Extremes appear to be less of a threat by this period, given the increase in variability,” MDA said in a forecast today for July 20-24. “The South remains near normal.”

Spot gas at the Alliance delivery point near Chicago advanced 1.44 cents, or 0.5 percent, to $2.9168 per million Btu on the Intercontinental Exchange. Alliance is an express line that can carry 1.5 billion cubic feet a day from western Canada.

At the Kingsgate point on the border of Idaho and British Columbia, gas rose 5.95 cents, or 2.3 percent, to $2.6064 per million Btu. At Malin, Oregon, where Canadian gas is traded for California markets, prices declined 2.53 cents, or 0.9 percent, to $2.7578.

Volume on TransCanada’s Alberta system, which collects the output of most of the nation’s gas wells, was 16.4 billion cubic feet at 3 p.m. New York time.

Gas was flowing at a daily rate of 1.71 billion cubic feet at Empress, Alberta, where the fuel is transferred to TransCanada’s main line.

At McNeil, Saskatchewan, where gas is transferred to the Northern Border Pipeline for shipment to the Chicago area, the daily flow rate was 2.01 billion cubic feet.

The available capacity on TransCanada’s British Columbia system at Kingsgate was 673 million cubic feet. The system was forecast to carry 1.95 billion cubic feet today, or 74 percent of normal capacity of 2.62 billion.

The volume on Spectra Energy’s British Columbia system, which gathers the fuel in northeastern British Columbia for delivery to Vancouver and the Pacific Northwest, totaled 2.72 billion cubic feet at 2:50 p.m.

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