Natural gas prices have climbed 19% this year and above-average summer temperatures are helping to eliminate a supply glut, Bloomberg reports. Gas prices reached a 17-year low earlier this year amid an unusually warm winter, but now supplies are expected to drop below the five-year average in November. Natural gas futures for August delivery settled at $2.78 on Wednesday.
Meanwhile, a new study shows that Canadian natural gas exports to the U.S. will continue to decline over the next several years due to increased production from the Marcellus and Utica shale plays. Via Platts, Canada will continue to be a net exporter to the U.S. through 2037, but it will lose its market share as more U.S. infrastructure projects in those regions come on line.
SEE ALSO: TransCanada completes $13B acquisition of Columbia Pipeline
