Samuel Sandmel popularized the term "parallelomania": extrapolating from the fact that two passages have some resemblance that they must have a literary connection, or that one was necessarily the source of the other.
Considering the fact that Canaanites lived alongside the Israelites in Canaan, similarities in their diction shouldn't be surprising. But a deity that has some connection to a storm is a very common trope, to the point that such a parallel is meaningless. To extrapolate further that the hypothetical Canaanite psalm to Baal is the source for Psalm 29 is parallelomania.
Finding parallels within the Bible itself is much more productive. Consider the following:
I Samuel 2:10
יְהוָ֞ה יֵחַ֣תּוּ מְרִיבָ֗ו עָלָו֙ בַּשָּׁמַ֣יִם יַרְעֵ֔ם יְהוָ֖ה יָדִ֣ין אַפְסֵי־אָ֑רֶץ וְיִתֶּן־עֹ֣ז לְמַלְכּ֔וֹ וְיָרֵ֖ם קֶ֥רֶן מְשִׁיחֽוֹ
"On them (or "the most high") in the heavens thunders"
Psalms 18:14 (= II Samuel 22:14):
וַיַּרְעֵ֬ם בַּשָּׁמַ֨יִם ׀ יְֽהוָ֗ה וְ֭עֶלְיוֹן יִתֵּ֣ן קֹל֑וֹ בָּ֝רָ֗ד וְגַֽחֲלֵי־אֵֽשׁ
"YHVH thunders in heaven"
יְהוָ֗ה אֶ֤רֶךְ אַפַּ֨יִם֙ וגדול־ (וּגְדָל־) כֹּ֔חַ וְנַקֵּ֖ה לֹ֣א יְנַקֶּ֑ה יְהוָ֗ה בְּסוּפָ֤ה וּבִשְׂעָרָה֙ דַּרְכּ֔וֹ וְעָנָ֖ן אֲבַ֥ק רַגְלָֽיו
"His way is in storm and tempest"
Or even the prose description of God's descent on Mount Sinai (Exodus 19:16):
וַיְהִי֩ בַיּ֨וֹם הַשְּׁלִישִׁ֜י בִּֽהְיֹ֣ת הַבֹּ֗קֶר וַיְהִי֩ קֹלֹ֨ת וּבְרָקִ֜ים וְעָנָ֤ן כָּבֵד֙ עַל־הָהָ֔ר וְקֹ֥ל שֹׁפָ֖ר חָזָ֣ק מְאֹ֑ד וַיֶּֽחֱרַ֥ד כָּל־הָעָ֖ם אֲשֶׁ֥ר בַּֽמַּחֲנֶֽה׃
"And there was thunder and lightning, and a heavy cloud on the mountain"
Examining Psalm 29 in the context of these other sources shows it has ample context within the Bible itself.