Morning Oil & Gas Briefing

September 26, 2025

What Moved Overnight

• WTI crude oil: $64.92–$65.40/bbl (up small on the day; +>4% on the week)
  WTI/Brent snapshot
• U.S. natural gas (Henry Hub): $3.19 (unchanged)
• CAD/USD: 0.7173 – unchanged – Loonie still soft vs USD amid broad dollar strength

Canadian Headlines

• FX dynamics: Ongoing USD strength keeps CAD subdued, cushioning CAD-translated upstream revenues but pressuring import costs.
• Canadian natgas producers cut output amid record low prices – negative AECO prices hitting hard – article here.

US / Global

• Oil tape: Benchmarks are on track for the biggest weekly gain in ~3 months on supply concerns and Russian fuel export curbs — see Reuters
  wrap.
• OPEC+ output: Group remains below target, reinforcing tightness — Reuters analysis
  here.

M&A Deals

• STEP Energy Services — going private?: ARC Energy Fund 8 announced a voting support agreement tied to the proposed all-cash take-private of STEP. The all-cash offer is $5.50, compared to the original offer in November 2024 of $5.
  Sept 25, 2025 update,
  and the
  original Nov 4, 2024 deal announcement.