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The last quarter was unusually volatile for Canadian and international gas and liquids prices and exchange rates. Overlapping factors ranged from maintenance on the NGTL gas system in Alberta, European war and energy crises, recession concerns, and economic uncertainty associated with rapidly rising short- and long-term interest rates and foreign exchange volatility. Oil and Liquids GLJ made no significant changes to the long-term nominal values. Near-term values were adjusted to reflect the recent movement of WTI price from over $100/bbl to $80/bbl. Our previous deck included this correction, but for a slightly later time frame. There are no significant adjustments to differentials between benchmarks from the previous forecast. North American and International Gas Henry Hub continues to reflect the strong pull of Europe for all LNG molecules that can be obtained. HH pricing in the short-term was increased. Also, as GLJ sees strong demand for long-term LNG prospects, we have increased our long-term real price on Henry Hub. AECO, and related gas benchmarks in Canada continue to illustrate the access-to-market limitations of western Canadian gas, and discounts to Henry Hub are wide and are expected to continue. There are no significant adjustments to basis differentials between benchmarks in previous […]
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