Even with this weather it's not been enough to drive prices considerably lower. Once again we've got that overhanging thought that things could turn colder again and the supply situation still isn't that good. That's supporting prices where they are.
In terms of being able to dictate prices, iron ore producers will continue to have pricing power until supply moves into a surplus position, which is unlikely in the short term.
This is really much more important than OPEC supply as their spare capacity is largely heavy and sour and the real shortage is capacity to upgrade such fuels anyway.
We should see pressure to shift to heating oil if natural gas supply can't meet demand, and the shift to distillates will push prices up further.