Updated Aug 22, 2024
8/22/24
TC Energy Corp. is moving forward with the Cedar Link lateral from the Coastal GasLink (CGL) natural gas pipeline to supply the Cedar LNG Partners LP export project on Canada’s west coast.
Pembina Pipeline Corp. is working to complete contracts this year for the remaining natural gas capacity for the Cedar LNG Partners LP export project in British Columbia, a top executive said last week.
Production soared to record levels in Canada and intersected with a relatively mild winter earlier this year. This left the country with robust supply and weak natural gas prices. It also resulted in elevated levels of exports to the Lower 48, where buyers capitalized on relatively low-cost gas.
Canada’s largest natural gas producer, Tourmaline Oil Corp., expects the already tight California natural gas market to become more lucrative amid rising demand and limited transport capacity.
Pacific inventories of underground natural gas remain elevated relative to historical norms – but far less so than any other region.
Energy-intensive bitumen production in the Alberta oilsands, along with rising natural gas-fired power generation, are expected to drive substantial growth in the province’s gas demand over the next nine years, according to the government.
Working natural gas in storage is on the cusp of topping out in Alberta, the Canadian province with the largest capacity.
Natural gas futures shot above $3 in early trading Monday before falling back to earth as record hot forecasts for June got outweighed by concerns that the production spigot could soon be widening again.