With rain in Toronto and markets still feeling heavy, the bigger story today was the split between oil and gas. WTI surged $11.23 USD/bbl to $111.35 as Trump’s latest remarks on Iran offered no real path toward de-escalation, keeping the geopolitical premium firmly in crude, while gas was much quieter, with the 12-month NYMEX strip down $0.07 USD/MMBtu and Dawn up just $0.01 CAD/GJ. Net Ontario imports fell another 220 MMcf/d to 2,498 MMcf/d, but Dawn balances loosened further as injections improved, with Trans Canada Pipeline delivering small amounts to Union Gas and storage activity continuing to shift toward refill. Also note that tomorrow, April 3, is Good Friday, so there will be no market update. (JM)