Natural Gas Producers Brace for Impact as Prices Plummet Amid Winter Weather
Natural gas producers in Canada are bracing for weak prices in the first half of 2024, prompting some companies to revise their spending plans. Reduced heating demand is expected due to warmer-than-normal temperatures this winter, leading to a pessimistic outlook for gas prices. Birchcliff Energy has cut its dividend and delayed drilling wells, while other companies are also considering deferring capital or shifting spending to oil developments. Industry analysts expect weak prices through the spring and summer, with an anticipated improvement later in the year.