On a nice sunny Wednesday in Toronto, headlines this morning claim that the US and Iran reached a two-week ceasefire while negotiations continue, and markets reacted. NYMEX slipped $0.115 USD/MMBtu and Dawn fell $0.139 CAD/GJ, while WTI was hit much harder, down $17.73 to $95.52 USD/bbl as crude gave back a chunk of its geopolitical premium. The Ontario gas market stayed on the softer side as warmer weather continued to eat into demand, with the provincial outlook warming another 7°C on net and temperatures now expected to push toward 16°C by April 14. Ontario imports did pick up, with net imports rising 791 MMcf/d to 1,725 MMcf/d, largely on a rebound at St. Clair, and Dawn posted a small draw on the day. Still, with seasonal demand fading and maintenance continuing to hang over the market, the overall tone in Ontario remains soft. (JM)