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Gas prices at Alberta's AECO hub fell to a two-year low of 5 Canadian cents per mmBtu in late September as storage filled. The slump has hurt producers who expanded drilling in anticipation of LNG Canada demand, and some have curtailed output.
The oversupply reflects weak local demand ahead of new LNG exports.
Very weak Canadian gas prices lower energy costs for Canadian processors and fertilizer plants. The oversupply signals that new LNG demand has not yet absorbed production.
reuters.comNia WilliamsOct 11, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
