Canada gas prices fall to two-year low [Video]

Canadian natural gas prices slumped to their lowest level in more than two years on Monday and are expected to remain under pressure for weeks, as storage levels in Alberta reach full capacity due to weak demand across North America.

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Next-day gas prices at the AECO hub in Alberta fell to five cents per million British thermal units (mmBtu), their lowest level since August 2022, according to data from financial firm LSEG.

The AECO benchmark has been trending lower throughout 2024 following a mild winter that left Canada, the world’s sixth-largest natural gas producer, with a significant surplus of supply.

Now summer air conditioning demand is winding down and storage levels in Alberta are very close to being full, said RBN Energy analyst Martin King, who warned prices would struggle to meaningfully recover until colder …