Natural gas plant near Medicine Hat. (Photo: CHAT News Today)

By Canadian Press

Analysts say natural gas could go higher after breaking 14-year record this week

May 27, 2022 | 2:19 PM

CALGARY, AB – The price of natural gas hit heights not seen since 2008 this week and analysts say it could go even higher this summer.

The U.S. benchmark natural gas price hit is currently trading at around US$8.60 per million British thermal units, or MMBtu. It surged to over $9 earlier in the week.

Analysts say the price could break $10 this summer due to low inventories and global concerns about energy security.

Summer heatwaves could also push prices higher by driving up electricity demand.

The surging prices are good news for Western Canada, where the country’s natural gas production is concentrated.

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But an industry group says labour shortages remain an ongoing challenge for drillers.

This report by The Canadian Press was first published May 27, 2022.

The Canadian Press