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Analysts say natural gas could go even higher after breaking 14-year record this week

The Shell Saturn Groundbirch natural gas plant outside of Fort St. John, B.C., is pictured on October 11, 2018. Natural gas prices hit heights not seen since 2008 this week and analysts say they could go even higher this summer. THE CANADIAN PRESS / Jonathan Hayward

The price of natural gas hit heights not seen since 2008 this week and analysts say it could go even higher this summer.

The U.S. benchmark natural gas price hit is currently trading at around US$8.60 per million British thermal units, or MMBtu. It surged to over $9 earlier in the week.

Analysts say the price could break $10 this summer due to low inventories and global concerns about energy security.

Summer heat waves could also push prices higher by driving up electricity demand.

Read more: Scotiabank exits oil and gas lobby group CAPP

The surging prices are good news for Western Canada, where the country’s natural gas production is concentrated.

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But an industry group says labour shortages remain an ongoing challenge for drillers.

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