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.