WTI moved higher today, trading in the mid-$96 USD/bbl range, as the market continued to price in the physical disruption through the Strait of Hormuz. Reuters reported that traffic through the waterway remains well below normal, keeping concern around seaborne crude availability elevated.

Natural gas also firmed, with the average 12-month NYMEX strip up about $0.02 USD/MMBtu to roughly $3.37 USD/MMBtu. The 12-month Dawn average is trading at $3.99 CAD/GJ, up $0.03 CAD/GJ from Friday. On the fundamentals side, cooler Canadian weather is expected in the near term, including one more cold spell in Ontario around May 1-2. That should briefly support residential and commercial demand before temperatures moderate in early May. Ontario supply also improved as more gas moved into the province through St. Clair, helping offset constraints on other import paths. (JM)