Friday, September 11, 2026
HH: $2.77 AECO: C$1.48/GJ

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NOAA puts 69% odds on a historic El Nino. That is a problem for winter gas EIA sees record 3,985 Bcf in U.S. storage heading into winter LNG Canada approaching full use a year after first cargo AECO still cheap near C$1.46/GJ as the basin outruns Kitimat takeaway NOAA puts 69% odds on a historic El Nino. That is a problem for winter gas EIA sees record 3,985 Bcf in U.S. storage heading into winter LNG Canada approaching full use a year after first cargo AECO still cheap near C$1.46/GJ as the basin outruns Kitimat takeaway

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From the desk

What moved on Canadian listed names

Every morning we file a half-dozen notes on what actually happened — a deal close, a dividend date, a guidance tweak. Written here, not copied off a wire. 150 pieces if you need to catch up.

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Pipelines

Interprovincial Pipes Now Go to the CER Alone. The Dual Review Is Off the List

The September 9 Physical Activities Regulations amendments send interprovincial and international pipelines, plus designated power lines, to a Canada Energy Regulator assessment instead of an integrated Impact Assessment Act panel.

LNG

Cedar's Certificate Now Allows 3.75 Million Tonnes. Kitimat's Second Plant Is Still a 2028 Story

On July 10 the B.C. Environmental Assessment Office amended Cedar LNG's certificate to 500 MMcf per day of liquefaction, about 3.75 million tonnes a year, up from 3.0. Pembina and the Haisla Nation still target in-service in late 2028.

International

Hodgson and Shmyhal Signed in Calgary. Cameco's Ukraine Book Runs Through 2035

On September 10 Energy Minister Tim Hodgson and Ukraine's Denys Shmyhal signed a joint energy statement in Calgary. Canada added $10 million to the Energy Support Fund, up to $757 million of EBRD gas-purchase guarantees, and restated the Energoatom-Cameco uranium deal through 2035.

Power

Fossil Plants Left the Federal Project List. Alberta's Data-Centre Load Still Needs New Gas

The September 9 Project List amendments remove fossil fuel-fired generating facilities from Impact Assessment Act designation. Capital Power's 250 MW Meta contract in Sturgeon County is still aimed at the back half of 2028, and Alberta has kept large AI loads off the shared grid until then.

Markets

The Tape Tomorrow Is Line 5. Everything Else Is Waiting on That Weld

Enbridge's September 12 restart target is the next print that matters. Keyera has $30 million of 2026 Marketing margin riding on it. WTI is still in the mid-$80s and AECO is still cheap while Kitimat runs.

Natural Gas

Advantage Closed the Wembley Sale for $316 Million. Buybacks Are Back On

On September 11 Advantage completed the sale of its Wembley area assets for $316 million in gross cash proceeds, ahead of the August 26 timeline. Proceeds went to reduce bank debt. The company said it has resumed significant share repurchases.

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Trends

Macro read-through from the archive

When the book moves, we rebuild the sector view — gas, oil, pipes, power — from everything we have filed. Memory members get the full dashboard and notebook.

North America is still long gas. Henry Hub is under $3 and AECO is near C$1.48/GJ. Europe and Asia are paying about $21. LNG Canada is running; Freeport is not. The desk is watching storage, Kitimat utilization, and the El Nino winter call. Latest: Ottawa Took In Situ Oil Sand...

Last analysis: Sep 11, 2026 4:08 PM UTC · September 2026

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From this morning's run
HH near $2.77/MMBtu. AECO near C$1.48/GJ.
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Natural Gas latest

Natural Gas

Enbridge Says Line 5 Bypass Work Is on Schedule. Restart Target Is Still Friday

In a September 9 update Enbridge said crews made good progress at the Wisconsin NGL release site and remain on track to restore Line 5 service by September 12. Surface water and a nearby residential well showed no impacts. Line 5 has been shut since August 25.

Sep 10, 2026 3 min read
Natural Gas

Tourmaline Trimmed Its Topaz Stake to 12.9 Percent. The Shares Paid for Two Montney Deals

On September 8 Tourmaline filed an early warning report disclosing it disposed of 3.6 million Topaz shares as consideration for two minor BC Montney and Deep Basin acquisitions. Tourmaline now holds 19.9 million Topaz shares, or about 12.87 percent of the outstanding float.

Sep 10, 2026 3 min read
Natural Gas

Keyera's Dividend Record Date Is Monday. Line 5 Restart Is Still Two Days Out

Keyera declared August 5 a quarterly dividend of $0.5625 per share payable September 29 to record holders September 15. Its September 3 marketing guidance cut cited a $30 million Line 5 hit with Enbridge still targeting September 12 restart.

Sep 10, 2026 3 min read
Natural Gas

Topaz Had a Busy Week on the Cap Table. Rubellite Took Shares In and Tourmaline Traded Some Out

Rubellite closed September 8 an East Edson sale for 2.083 million Topaz shares at a deemed $32.16 price. Tourmaline filed the same day it sold 3.6 million Topaz shares for Montney acquisitions, cutting its stake to 12.87 percent from 15.19 percent.

Sep 10, 2026 3 min read
Natural Gas

Topaz Took 2.1 Million Shares in a $67 Million East Edson Trade. Rubellite Closed Monday

On September 8 Rubellite sold its 50 percent East Edson interest for $67 million in Topaz Energy shares at a deemed price of $32.1588. Topaz will pay Rubellite the September quarterly dividend of $0.35 per share on the 2.083 million shares received.

Sep 9, 2026 3 min read
Natural Gas

Enbridge's September 8 Line 5 Update: Water Tests Clean. Bypass Target Is Still Friday

In a September 8 incident update Enbridge said surface water and a nearby residential well showed no impacts from the August 25 NGL release. Crews continue 24/7 bypass work. Line 5 remains shut with a September 12 restart goal.

Sep 9, 2026 3 min read
Natural Gas

Keyera's Line 5 Exposure Extends Past the September 8 Window. Marketing Guidance Is Still Cut

Keyera revised September 3 its 2026 Marketing margin guidance to $320 million to $350 million, citing Line 5 and AEF. With Enbridge still targeting September 12 restart, the $30 million Line 5 estimate remains live past the missed September 8 window.

Sep 9, 2026 3 min read
Natural Gas

Line 5 Missed the September 8 Restart Window. Enbridge Is Still Welding the Bypass

In a September 7 update Enbridge said 24/7 bypass work continues around the Wisconsin NGL release site. Line 5 remains shut after the August 25 truck strike. The September 6-8 return window closed with no restart. Service is now targeted for September 12.

Sep 8, 2026 3 min read
Natural Gas

Tourmaline's Record Date Is a Week From Monday. The Dividend Is Still Fifty Cents

Tourmaline declared on September 1 a quarterly cash dividend of C$0.50 per share payable September 29 to shareholders of record September 15. The amount matches the base dividend flagged in the July 29 second-quarter release.

Sep 8, 2026 3 min read
Natural Gas

Vermilion's Dividend Record Date Is Next Monday. Q2 Guidance Already Moved Higher

Vermilion declared on July 29 a cash dividend of $0.135 per share payable September 29 to holders of record September 15. Q2 production averaged 125,789 boe per day and full-year guidance was raised to 121,000 to 123,000 boe per day.

Sep 8, 2026 3 min read
Natural Gas

Enbridge Is Building a 1,500-Foot Line 5 Bypass. Restart Target Is Now September 12

In a September 6 update Enbridge said crews began work on a temporary bypass around the Wisconsin NGL release site. Line 5 remains shut. Based on bypass construction timing, Enbridge anticipates return to service September 12.

Sep 7, 2026 3 min read
Natural Gas

AltaGas Exported a Record 144,420 Barrels a Day of LPG in Q2. REEF Slipped to Q1 2027

On July 30 AltaGas reported Q2 2026 record LPG exports of 144,420 bbl per day across 23 VLGCs, up 13 percent year over year. REEF is 85 percent complete but marine weather pushed commercial ops past Q1 2027 with capex up 12 percent to about $1.5 billion.

Sep 7, 2026 3 min read
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