Jin10 data reported on September 29, due to a malfunction at the first liquefied natural gas (LNG) export plant on the coast of British Columbia, exacerbating the oversupply, the country's benchmark natural gas price has fallen to an all-time low. Earlier last week, the gas price at the AECO trading hub in Alberta fell below zero, closing at -81 Canadian cents/gigajoule on Friday, the lowest level since 1999. This benchmark price has been on a downward trend since peaking at 3.68 Canadian dollars in early February this year. Data from the Canada Energy Regulator indicates that in the two years prior to the start of LNG exports, Canada's natural gas production (almost entirely from Alberta and British Columbia) rose by 15%, exceeding 19 billion cubic feet per day by May last year. According to Statistics Canada, inventories in these two regions reached the highest level since 2016 in July.
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