Canadian natural gas prices hit lowest level on record as Fort McMurray fires curtail demand

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Canadian natural gas prices are the latest casualty of Fort McMurray wildfires, falling to the lowest level on record this week

Canadian natural gas prices are the latest casualty of Fort McMurray wildfires, falling this week to their lowest level on record.

Alberta’s natural gas demand fell to its lowest level in a year, after oilsands facilities in Fort McMurray were shut down by a raging fire that forced the evacuation of the entire town. Oil producers need natural gas for upgrading and for gas-fired cogeneration plants, among other uses.

As a consequence of lost consumption, tepid export demand, and “grossly overstuffed storage for this time of year,” Canadian natural gas benchmark AECO prices have collapsed in the past few days to less than 50 cents per thousand cubic feet (mcf) per day on Monday, said Martin King, analyst at FirstEnergy Capital Corp.

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