The February 2021 polar vortex will be one for the natural gas record books in the U.S. and Canada — and the month isn’t even over yet! Though no stranger to frigid weather, Canada’s natural gas market has felt the impacts of this month’s extreme cold on both sides of the border. Its own prices, demand, and storage withdrawals have reached multi-year or all-time records as gas buyers have jockeyed for molecules from anywhere they can get them. Gas exports to the U.S. have reached highs not seen for more than a decade, adding emphasis to what has been an emerging turnaround story for Canadian gas into the U.S. market. To top things off, the latest gas market records might be a preview of what is to come in the next few years as Canada’s structural demand for natural gas continues to increase, regardless of how cold it is. Today, we describe all the latest Canadian gas market action and what might be in store for next winter.
In the past week, we have been discussing the impacts that the extreme cold snap of February 2021 have had on energy markets. In our coverage last week, the impacts that the deep freeze has wrought on the U.S. natural gas and power markets have been plain to see, with skyrocketing gas prices (East Is East, West Is West) due to wellhead freeze offs (Terminal Frost), surging demand, and storage withdrawals that have struggled to balance both sides of the supply-demand equation (Perfect Storm). Cash prices at ONEOK Gas Transmission (OGT) hub in Oklahoma surged to an unheard of $1,250/MMBtu and some regions literally ran out of gas. However, the U.S. has not been alone in feeling the freakishly cold weather’s effects on demand, supplies, storage, and prices.
Crude Oil TradeView provides up-to-date data and insights into the behavior of differentials for 33 crude assessments across North America. Each week, it also walks you through the reasoning of why differentials widen, narrow, flip (premium vs. discount), or blow out.
Canadian natural gas markets have also experienced turmoil due to the February extremes. Prices have swelled, new demand records have been set, supplies have fallen, and storage withdrawals have cranked up to never-seen-before levels to keep supply and demand in balance. With gas needed everywhere all at once it seems, even long-suffering Canadian gas exports to the U.S. have recently surged to levels not seen for more than a decade.
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About the song
"You Rock My World" was written by Michael Jackson and Rodney Jerkins (Darkchild). It appears as the sixth song on Michael Jackson's 10th and final studio album, Invincible. Released as a single in August 2001, the song went to #10 on the Billboard Hot 100 Singles chart. It has been certified Gold by the Recording Industry Association of America (RIAA). A 14-minute video, directed by Paul Hunter, with a cameo appearance by Marlon Brando, was released to promote the song. Personnel on the record were: Michael Jackson (lead and backing vocals, all musical instruments) and Rodney Jerkins (musical instrumentation support).
Invincible was the last studio album released before Michael Jackson's death eight years later. Recorded between October 1994 and September 2001, the record was produced by Michael Jackson, Rodney Jerkins, Teddy Riley, Dr. Freeze, Andre Harris, Babyface, and R. Kelly. Released in October 2001, the album went to #1 on the Billboard Top 200 Albums chart. It has been certified 2x Platinum by the RIAA. Three singles were released from the LP.
Michael Jackson was an American singer, songwriter, dancer, and record producer whose career started in 1964 with The Jackson 5, a band with his older brothers. Jackson began his solo career in 1971. He released 10 studio albums, one live album, 34 compilation albums, six EPs, three soundtrack albums, and 63 singles as a solo artist. As a member of The Jackson 5, he released 16 studio albums, three live albums, 15 compilation albums, two soundtrack albums, and 40 singles. Dubbed "The King of Pop," he has sold more than 350 million records worldwide, and has won 13 Grammy Awards, a Grammy Legend, a Grammy Lifetime Achievement Award, six Brit Awards, and one Golden Globe Award. Michael Jackson is a member of the Rock and Roll Hall of Fame, Vocal Group Hall of Fame, Dance Hall of Fame, and Rhythm and Blues Hall of Fame. He died in June 2009.
