U.S., European and Asian natural gas prices soared this summer amid enduring global demand and worries about strained supplies. Western Canadian prices, in contrast, collapsed.

What gives?

Just as Canadian producers bolstered output to pandemic-era highs to help meet global demand this summer, a series of pipeline restrictions cut into takeaway capacity. Unplanned outages and summer maintenance work overlapped in August to substantially limit flows, leaving gas stranded. Prices plunged.

[Want to visualize Henry Hub, Houston Ship Channel and Chicago Citygate prices? Check out NGI’s daily natural gas price snapshot now.]

Next-day prices on Monday at NOVA/AECO C, a key Western Canada hub, dropped $2.530 day/day to average 70.5 cents. Monday’s average was down from $5.560 at...