Tourmaline Oil Corp (Alberta) T.TOU

TD Notes

[retiredcf]

The Gas Line

Weekly Gas Charts

Inventory Build In Line With Expectations; Below Seasonal Norm. Storage levels increased by 64 Bcf w/w versus the consensus expectation of a 65 Bcf injection. This was well below the seasonal norm (89 Bcf). Expectations for next week are for an injection of 90-110 Bcf. This compares with the five-year average injection of 79 Bcf.

U.S. gas storage levels are now 6% above the five-year average and 14% above year-ago levels. The storage surplus relative to the seasonal norm and last year continues to contract. 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 Up Eight w/w. U.S. production remains at ~102 Bcf/d, which is up 3% y/y. The U.S. natural-gas rig count was up by eight w/w (121) which is the first increase we have seen in over two months.

Gas flows to Freeport LNG have now returned to normal levels, averaging ~1.9 Bcf/ d over the past week after being reduced to ~20% of capacity during the week prior.