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TSX: KWH 10.35 -0.11 ( -1.05% ) Volume: 134,922 KWH.UN is a member of the S&P/TSX Small Cap Index more April 27, 2017

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Key Market Insights

Key Market Insights

Over the past week, NYMEX May17 prompt month contract has settled down every day except last Wednesday. The high on the week was last Monday, when the prompt month gas contract got to $3.24. So far this morning we are trading just over 20 cents down from there at ~$3.03 This past Thursday’s EIA Storage report released an injection of 54 Bcf for the week ending April 14th. The number was greater than expectations, by approximately 6 Bcf and since the market has failed to rebound.

The Algonquin financial basis contract for May17 is trading up this morning almost 13 cents from where it closed, however it should be noted that it is trading up 36 cents since last Monday. It is up due to increased maintenance this month, and expectations that they will have a significant portion of the pipe unavailable for most of the month.

Electricity Price Trends

PRICE TRENDS AT KEY TRADING POINTS ($/MWH)

In cash, HB_North averaged $25.92 for the peak day-ahead hours and $22.21 for peak real-time hours last week (4/17-4/12). However, the focus has been on Houston, especially on Saturday when a ten degree temp spread between it and Dallas coupled with line outages caused the Hub to become constrained and clear over $245 for the peak sixteen (1x16) hours with four triple digit hours and one hour averaging almost $2,000. Because of this, May Houston/North, which was trading at $7 on Friday, was lifted at $8 this morning on ICE.

12 MONTH STRIP PRICE

May17 contract for PJM WH RT is trading down $(0.70) this morning, trending with prompt month gas. This week is peak outages in PJM, with planned outages peaking around 45 GW this week. Power basis markets are continuing to collapse towards zero in the short term as Pennsylvania and New Jersey basis pricing have been printing between -$1 and $0 in the cash and BGE and PEPCO have been printing between $0 and +$2 on most days.

Natural Gas Price Trends

NORTHEAST SPOT NATURAL GAS PRICES ($/MMBTU)

NYMEX HH 5-YEAR FUTURES

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