The shoveling seems to never end, and another eventful day for the energy markets. As of 2:30 PM, WTI is at $99.11 USD/bbl, up $3.38 USD/bbl from yesterday, while Brent is at $102.88 USD/bbl. Oil continues to move higher despite efforts to loosen supply, including temporary allowances for countries to purchase Russian crude already at sea. The problem is that the available crude is not in the right places, particularly for Europe, Asia, and Africa. Treasury Secretary Scott Bessent called for an international coalition to escort tankers through the Strait of Hormuz “as soon as it is militarily possible,” though Iran’s new leader has vowed to keep blocking the waterway.

Natural gas was much quieter. NYMEX was down about $0.07 CAD/GJ on the day, while Dawn winter term has stayed within roughly a $0.02 CAD/GJ range over the past week.

On weather, the Euro ENS added another 9.8°F to the Canadian forecast, marking the third straight warming revision this week. Even so, the near-term cold shot is still intact. The Midwest and Northeast are still expected to see colder-than-normal temperatures next week. That colder stretch should give demand a short-term boost and tighten Dawn balances. (JM)