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Canadian gas prices rise as glut dissipates

Gas prices are expected to climb higher in Canada over the coming weeks as the country increases its storage withdrawal rate Gas prices are expected to climb higher in Canada over the coming weeks as the country increases its storage withdrawal rate.
By Abhishek Kumar 18 January 2017 0 24453

Canada began the 2016-2017 withdrawal season in its worst-ever gas glut. However, the surplus is dissipating fast because the country’s overall gas demand is growing, especially weather-related consumption. This will continue to support regional gas prices in the country during the coming weeks.

Canada had 17.39 billion cubic metres of gas in storage in the week ending 6 January, 79.8% of capacity and 5.5% lower than at the same time last year. Below-average temperatures this winter have increased the country’s gas drawdown rate, which averaged 380...