[en] Record high prices and record high demand for natural gas, the effect of these factors on gas pipelines and on the trading of natural gas on commodity markets are discussed. The switch to a sellers' market is clear across the continental gas trading board and with a cold winter in the offing there is no end in sight to how high prices might rise. The industry is also hard pressed to meet the demand and is pleading for cooperation from communities and government agencies to relax opposition to development so as to allow operators to complete their drilling targets. As to how long the gas rally can go on and how big it can get, there is no simple answer. The US Department of Energy 's latest forecast suggests that two good decades are ahead for Canadians. They estimate Canadian exports to the US to hit 5.8 trillion cubic feet per year by 2020, or a 70 per cent increase beyond current levels reached in 12 record sales years. The heavy demand for natural gas also puts heavy stress on those who trade on the commodity markets, where a moment of hesitation can cost hundreds of thousands of dollars in gains or losses. It also puts heavy demand on computer software that handle the transactions, although to date the computer systems have established a level of reliability exceeding 99 per cent. Steeply rising prices also mean increased need for policing the system to avoid irresponsible wheeling and dealing. A system of credit levels, posting of bonds by traders, putting limits on transactions they are allowed to make, and automatic recording and signalling of risk exposures, are some of the means employed by the exchanges to ensure orderly trading. One unintended consequence of the high volume/high stakes game of natural gas trading is that small trading houses are rapidly being squeezed out of the market, since it takes credit in the range of $500 million to $1 billion to participate fully on the international scale at the current level of trading activity. 1 tab., 2 photos