Tourmaline Oil Corp (Alberta) T.TOU

TD Notes

[retiredcf]

The Gas Line

Weekly Gas Charts

Inventory Build Slightly Below Expectations and Seasonal Norm. Storage levels increased by 76 Bcf w/w versus the consensus expectation of an 82 Bcf injection. This was below the seasonal norm (84 Bcf). Expectations for next week are for an injection of 60-80 Bcf which compares with the five-year average injection of 74 Bcf. U.S. gas storage levels are now 15% above the five-year average and 25% above year-ago levels. Total days of supply sits 6% above the five-year average and 21% above year-ago levels.

U.S. Production Flat; Active Rig Count Unchanged W/W. U.S. production still sits at ~101 Bcf/d and up 2% y/y. The U.S. natural gas rig count has dropped to 17% below year-ago levels and is down 31 rigs (or 19%) since April 28. The active rig count of 130 was flat w/w. Active Haynesville rigs was down by one w/w (50) and is down from 72 rigs mid-December 2022. Active Marcellus rigs held steady w/w (34) after dropping by five rigs last week.