A quiet day overall, though Dawn stood out to the downside. As of 3:10 PM, WTI was up $1.76 to $95.26 USD/bbl, while NYMEX was little changed, up just $0.02 USD/MMBtu. Dawn, meanwhile, fell $0.35 CAD/GJ on the day. That weakness came despite a meaningful cold snap in Ontario, where temperatures are running roughly 7 degrees Celsius below normal. Even so, net Ontario imports dropped 726 MMcf/d to 2,100 MMcf/d. Storage likely helped soften the weather impact, with Dawn inventories at 64 PJ as of March 15, up 6 PJ from March 1, while Tecumseh was unchanged at 26 PJ.

One longer-term item worth noting is Bell Canada’s planned 300 MW AI data centre in Saskatchewan. It is not an immediate gas demand driver, but it adds to the broader story of rising power load that could eventually matter for western Canadian gas and infrastructure markets. (JM)