-22.4 C
Fort St. John
Monday, February 18, 2019
9924 101 ave Fort St. John, B.C.
Advertisement
Home News Natural Gas Prices Jump with Blizzard

Natural Gas Prices Jump with Blizzard

Advertisement

Canadian stock markets climbed yesterday as a massive blizzard swept across the U.S. Midwest, sending natural gas prices soaring.

In Toronto, the S&P/TSX energy group was the strongest performer, of the ten Canadian market sectors rising 1.8 percent, on the rising demand for natural gas and despite weaker prices for crude oil.

The January natural gas contract jumped, about 40 cents, or 8.4 percent to slightly above $5.30 cents US, per million Btu.

- Advertisement -

That’s its biggest one-day move in three months, and gas prices have now risen 20 percent, in the past week.

Meantime, crude oil is on its longest losing streak in a year, after falling seven sessions in a row and dipping below 70 dollars US yesterday.

With the BC government forecasting a 2.8 billion dollar budget deficit for 2010, the sudden move in natural gas couldn’t come at a better time.

Now, it remains to be seen how much of an impact the rising price will have on next week’s December sale of oil and gas land rights here in the Northeast.

get the latest news in your inbox

Author

Advertisement

Local Events

Must Read

Cabinet likely to extend deadline to reconsider Trans Mountain pipeline

OTTAWA - Canada's energy regulator will tell the federal government on Friday whether it still thinks the Trans Mountain pipeline should be expanded, but...