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MNI JAPAN DEC HOUSEHOLD SPENDING +2.7% Y/Y; NOV -0.4%

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AMERICAS OIL: 25% Tariff on US Imports Tentatively Bullish for Oil: Platts

AMERICAS OIL
USEnergy BulletsMexicoNorth AmericaCanadaBulletCommodities

Platts expects a tentative bullish effect on oil prices due to increased freight costs amid expected oil trade reshuffling in the event of 25% tariffs on US oil imports from Mexico and Canada.

  • However, since there may be minimal disruption, oil prices are likely to normalise over time.
  • In 2024, Canada, Mexico, and Venezuela provided 72% of US oil imports, with most Canadian inflows to PADD 2, risking US refining margins.
  • Canadian producers may face higher costs, while Mexico could be forced to discount Maya crude due to tariffs.
  • Venezuelan political instability and US import cuts could limit its export redirection, Platts added,
  • Platts also expects the tariffs on Canadian and Mexican oil not to endure if it undermines efforts to lower oil prices and control inflation.

 

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Platts expects a tentative bullish effect on oil prices due to increased freight costs amid expected oil trade reshuffling in the event of 25% tariffs on US oil imports from Mexico and Canada.

  • However, since there may be minimal disruption, oil prices are likely to normalise over time.
  • In 2024, Canada, Mexico, and Venezuela provided 72% of US oil imports, with most Canadian inflows to PADD 2, risking US refining margins.
  • Canadian producers may face higher costs, while Mexico could be forced to discount Maya crude due to tariffs.
  • Venezuelan political instability and US import cuts could limit its export redirection, Platts added,
  • Platts also expects the tariffs on Canadian and Mexican oil not to endure if it undermines efforts to lower oil prices and control inflation.

 

Keep reading...Show less