Demand has jumped for relatively cheap Canadian natural gas, driving exports to the United States to three-year highs and prompting producers in Canada to boost capital spending and drilling activity.
Global natural gas prices have hit multi-year highs as world economies recover from last year's slowdown during the pandemic. Now, natural gas stockpiles in Europe are dangerously low and demand in Asia has been insatiable, so utilities around the world are competing for liquefied natural gas exports.
Still, at around C$5 per million British thermal units , AECO prices are well above their 2021 year-to-date average of C$3.38 , and some of Canada's largest gas producers including Tourmaline Oil Corp"A number of producers are accelerating capital into Q4 to add production volumes into the higher-priced winter market," said Matt Murphy, an analyst at Tudor, Pickering, Holt & Co in Calgary.NGTL pipeline system hit an all-time high of 12.
The Canadian gas rig count is currently 70, up 75% from this time last year, while U.S. gas rigs are up about 32% to 98 over the same period, according to energy services firm Baker Hughes CoTourmaline, Canada's largest gas producer, is accelerating drilling in the second half and bringing capital spending originally earmarked for 2022 into this year, according to a company presentation in September.
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