El Niño Threatens Canadian Natural Gas Storage Ahead of Warmer Winter

Canadian natural gas storage is nearing full capacity ahead of what could be a warmer-than-usual winter, according to recent data. Alberta inventories have reached 89% of their capacity, while the AECO winter basis has been deeply discounted.

The market is preparing for a potential El Niño event, which could lead to reduced heating demand over the winter months. This comes as a concern for natural gas prices, which are already under pressure from oversupply and decreased storage levels.