We’ve seen a trend of increased energy prices over the past few months. When it comes to natural gas, a large part of this has to do with sustained high demand for North American liquefied natural gas (LNG, super-cooled natural gas that is stored in insulated tanks, for shipping to foreign markets).
The energy crisis in Europe is the primary driver for higher natural gas prices. The war in Ukraine has driven unprecedented demand for non-Russian natural gas as Russia has historically been a critical natural gas supplier to Europe. Many European countries are trying to move away from the Russian gas supply and secure LNG exports from other parts of the globe, like North America.
Aside from the energy crisis, inflation has risen dramatically in the past year, weakening the Canadian dollar, and driving higher prices for consumer goods such as groceries, fuel, etc.