Tightness at Malin persists this morning following unplanned curtailments on the Ruby Pipeline (~150 MMCF/d offline) and lower hydro across the Northwest. Gas basis surged $0.35 overnight, pushing implied heat rates above 10 at peak. Calpine's Goose Lake units are rumored to be derating, amplifying the westbound pull from SoCal.

Traders are leaning long into Mid-C morning with expectations of $8+ prints if the SCE demand forecast verifies. Malin congestion risk is real—watch for firming flow caps at the CA border if SoCal pulls harder.

No clear resolution on Ruby until at least EOD Tuesday; expect volatility to remain elevated.