Energy markets were more active today as Middle East tensions escalated. The natural gas market moved higher, with the NYMEX forward curve gaining $0.09 USD/MMBtu and the Dawn forward curve rising $0.13 CAD/GJ. Price support came primarily from geopolitical risk after Iran struck Qatar’s Ras Laffan energy complex in retaliation for Israeli strikes on the South Pars gas field, increasing concern over global LNG supply. The disruption in Qatar also likely helped drive yesterday’s late-session rally. Reuters reported, citing QatarEnergy CEO Saad al-Kaabi, that the damage has taken out about 17% of Qatar’s LNG export capacity for roughly three to five years. Crude (WTI/Brent) moved higher intraday on the headlines but gave back most of the move later in the session. Meanwhile, Ontario weather forecasts shifted materially colder, with next week now expected in the -2°C to 1°C range, about 13 degrees below the prior outlook. (JM)