U.S. Natural Gas Prices Surge On Canada Tariffs, Massive Withdrawals

U.S. natural gas futures surged 8.4% to $3.32/MMBtu on Monday, recovering from a nearly 12% drop last week, after President Trump announced on Saturday that he will impose tariffs on Canadian and Mexican oil, raising concerns about potential supply disruptions. The U.S. imports ~4 million barrels of Canadian oil daily, and more than 450,000 barrels of Mexican oil. Trump slapped Canada and Mexico with duties of 25% and China with a 10% levy. Goldman Sachs estimates that Canadian natural gas exports to the U.S. could drop by ~0.16 billion cubic feet…