he hits just keep on coming for Canada’s energy industry.
Overshadowed by the meltdown in global oil markets, free falling natural gas prices are the latest trial for the country’s beleaguered energy companies.
Canadian natural gas prices are now down by half since the start of the year, a slide that’s accelerated in recent weeks as the effects of one of the warmest winters on record begin to crystallize for the sector.
“We’re seeing natural gas prices get pressured to lows that we haven’t seen in 17 to 18 years,” said Martin King, a commodities expert at FirstEnergy Capital in Calgary. “It’s a wake up call for some portions of the industry. I don’t think a lot of people were thinking we’d be going back to 1990s-style gas pricing.”