Morning Oil & Gas Briefing

September 29, 2025

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What Moved Overnight

• WTI crude oil: $64.30/bbl (−2.2%)
• U.S. natural gas (Henry Hub): $3.15/mcf (−1.6%)
• CAD/USD: 0.71765 (up 0.06%)

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Canadian Headlines

• MEG/Cenovus situation: Proxy advisor signals “cautionary support” for the Cenovus bid for MEG, keeping the contest in focus —
  BOE Report.

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US / Global

• Rig activity: U.S. oil & gas rig count rose for a fourth straight week to 549, the highest since June —
  BOE Report.
• Power demand & fuels: U.S. Energy Secretary said utilities are being urged to keep coal plants online longer amid AI-driven electricity demand —
  BOE Report.