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.

Read today's file
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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Pipelines latest

Pipelines

Enbridge Bid US$600 Million for Permian Gathering. Close Still Needs HSR

On August 26 Enbridge agreed to buy Salt Creek Midstream's crude gathering, 100 percent of Orla and Wink North and 50 percent of Delaware Crossing, for US$600 million cash. Combined capacity is 420,000 barrels a day. Close is later in 2026, subject to FTC Hart-Scott-Rodino clearance. 2026 guidance did not move.

Aug 27, 2026 3 min read
Pipelines

Enerflex's Engineered Systems Backlog Hit $1.5 Billion. The Asia Sale Is Still a Second-Half File

On August 6 Enerflex put Engineered Systems backlog at US$1.453 billion after US$488 million of second-quarter bookings. Adjusted EBITDA was US$128 million. Free cash flow was US$32 million. The INNIO sale of most Asia Pacific operations is still aimed at the second half of 2026.

Aug 26, 2026 3 min read
Pipelines

Gibson Closed Chauvin for $400 Million. Hardisty Connection Is the Pipe Still Being Built

Gibson's July 27 Q2 release said the Teine Chauvin gathering system closed May 1 for $400 million. The Hardisty Connection was sanctioned the same day. Year-end talk is a later expansion from 30,000 to 45,000 barrels a day. Leverage sat at 4.2 times.

Aug 24, 2026 3 min read
Pipelines

Keyera Closed Plains and Bought the Rest of KAPS. The Rail Terminal Is the New Line

Keyera's August 6 Q2 release said the Plains Canadian NGL deal closed May 12 and the remaining half of KAPS closed June 17. Fee-based realized margin hit $350 million. The ACE rail terminal with CN and AltaGas is the growth kit still being built.

Aug 23, 2026 3 min read
Pipelines

TC Energy Raised the 2026 Call and Sanctioned More Gas Pipe, Including a Slice of NGTL

TRP's July 30 Q2 release put comparable EBITDA at $2.9 billion and said the year should land at the high end of $11.6 to $11.8 billion. About $3 billion of gas projects are sanctioned this year. Canadian deliveries averaged 24.2 Bcf a day. LNG deliveries on the U.S. system averaged 3.9 Bcf a day.

Aug 23, 2026 3 min read
Pipelines

Pembina Put a West Coast Oil Pipe on the Table. It Is Still Non-Binding

Pembina's Q2 note, circulating into this week, says it has a non-binding deal to take a stake in a proposed one-million-barrel-a-day West Coast crude export line. It also sanctioned about $3 billion of other growth. The pipe is not steel yet.

Aug 22, 2026 3 min read
Pipelines

Enbridge Sanctioned a Wisconsin Line 5 Move and a Pipe Toward Freeport LNG

Enbridge's late-July Q2 packet, still the current company release, kept 2026 guidance and lifted the secured backlog to about $41 billion. Newly sanctioned work includes a US$1 billion Line 5 relocation in Wisconsin and an option on TTC Connector, a Permian-to-Freeport gas line.

Aug 22, 2026 3 min read
Pipelines

Less Canadian Gas Is Heading South. Mexico Just Opened a Pacific Door of Its Own

U.S. imports from Canada ran 3.9 Bcf per day in the week ending August 19, down 15 percent from a year ago. Exports to Mexico were 6.5 Bcf per day. Energia Costa Azul loaded first cargo on July 8, fed from the Permian, not from Alberta.

Aug 21, 2026 3 min read
Pipelines

Alberta Proposes New Crude Oil Pipeline: Boosting Infrastructure for Oil Transportation

This article details Alberta's proposal for a new crude oil pipeline to the Port of Prince Rupert, analyzing the potential impact on oil transportation infrastructure and the broader implications for the Canadian oil industry.

Jun 12, 2025 3 min read
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