Canadian Spot Natgas at 10-year Low on Weak Demand: report

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Canadian spot natural gas fell to its lowest in a decade on Thursday despite a bullish storage report, as mild temperatures in most markets continued to limit demand for the fuel, Reuters reported.

It said spot gas at the AECO storage hub in southeastern Alberta fell 12 Canadian cents to average C$1.51 a gigajoule, the lowest since July 2002. Deals were done between C$1.48 and C$1.55 a GJ.

In its weekly report, the U.S. Energy Information Administration reportedly said gas inventories rose 8 billion cubic feet to 2.487 trillion cubic feet last week. Traders and analysts polled by Reuters had expected a rise of 25 bcf.

In Canada, stocks were nearly unchanged last week, dropping just 100 million cubic feet to 492.5 bcf, Canadian Enerdata reported. Canadian storage facilities ended the week 69.6% full. A year earlier they were at 27.4% of capacity.



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