Tourmaline Oil Corp (Alberta) T.TOU

TD Notes

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The Gas Line

Weekly Gas Charts

Inventory Build In Line With Expectations and Slightly Below Seasonal Norm.

Storage levels increased by 35 Bcf w/w versus the consensus expectation of a 35 Bcf injection. This was slightly below the seasonal norm (41 Bcf). Expectations for next week are for an injection of 20-40 Bcf. This compares with the five-year average injection of 51 Bcf. U.S. gas storage levels are now 11% above the five-year average and 22% above year-ago levels. The storage surplus relative to the seasonal norm and last year has contracted significantly over the past several months. In early May, storage was 20% above the five-year average and 30% above year-ago levels.

U.S. Production Remains Largely Flat; Active Rigs Down Five w/w. U.S. production remains at ~102 Bcf/d which is up 4% y/y. The U.S. natural gas rig count was down 5 w/w (123). Active Haynesville rigs was flat w/w (44) and is down from 72 rigs mid-December 2022. Active Marcellus rigs was down by two w/w (30).

August 18, 2023