Canada is in the midst of building a large terminal to export LNG, but its completion is two years away. Canadian gas production is on track to reach a record 18 bcfd in 2022 and 19 bcfd in 2023, according to energy consultancy Rystad Energy. Pipelines are also constrained in Canada due to swift production growth, particularly TC Energy Corp's (TRP.TO) NGTL pipeline system that ships gas around and out of western Canada. In August, gas prices in Alberta briefly turned negative because of bottlenecks stemming from NGTL maintenance. U.S. LNG exports are expected to reach 10.6 bcfd in 2022 and 12.3 bcfd in 2023, according to federal estimates.

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