Gas prices in western Canada are expected to remain under pressure over the coming week as production from the Western Canadian Sedimentary Basin (WCSB) rises and demand for the fuel fails to recover. This will also prompt higher gas pipeline exports from western to eastern Canada.
Canada’s rig count averaged 150 per week in June, much higher than the May average of 85 per week and the 65 per week average reached in June 2016. Canada’s ‘spring breakup’ – the thaw of snow and ice, when soft and muddy soil makes it difficult to move drilling equipment – has ended, helping more rigs to come online. The impact on gas output will be felt in July, when GGA forecasts Canada’s marketed gas production will increase by 2.2% on an annual basis, to 14.7 billion cubic metres.
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