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OIL: Crude Egdes Lower As Trump Plans Assessed

OIL
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Crude futures continue to drift lower as the market assesses the potential impact of the new Trump administration. Trump declared a “national energy emergency” to be able to increase domestic oil and gas production and reverse Biden’s climate change policies.

  • US President Trump thinks a 25% tariff on imports from Canada and Mexico will be enacted although he stopped short of imposing tariffs in his 'Day 1' package of executive actions. He also declared that the SPR would be refilled, the EV mandate ended and US output increased.
  • Energy permit regulations were also eased, while he said that crude imports from Venezuela would likely be stopped.
  • Tightening US sanctions against Russia and Iran have pressured prices higher this month. The US sanctions on Russia’s shadow fleet has increased Asian buyer interest in non-sanctioned crude and driven higher shipping costs.
  • Yemen’s Houthis intend to limit their attacks on ships to Israeli linked vessels following the Gaza ceasefire the Yemen-based Humanitarian Operations Coordination Center (HOCC) said.
  • Cold weather in the Northern hemisphere has driven higher heating oil demand this month but also disrupted US crude output.  North Dakota crude output was estimate 120-150kb/d lower due to extreme cold, the pipeline authority said.
    • Brent MAR 25 down 0.5% at 79.74$/bbl
    • WTI MAR 25 down 1.3% at 76.4$/bbl
    • Brent MAR 25-APR 25 down 0.04$/bbl at 1.01$/bbl
    • Brent JUN 25-DEC 25 down 0.09$/bbl at 3.27$/bbl
    • US gasoline crack down 0.4$/bbl at 11.26$/bbl
    • US ULSD crack down 0.2$/bbl at 32.18$/bbl
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Crude futures continue to drift lower as the market assesses the potential impact of the new Trump administration. Trump declared a “national energy emergency” to be able to increase domestic oil and gas production and reverse Biden’s climate change policies.

  • US President Trump thinks a 25% tariff on imports from Canada and Mexico will be enacted although he stopped short of imposing tariffs in his 'Day 1' package of executive actions. He also declared that the SPR would be refilled, the EV mandate ended and US output increased.
  • Energy permit regulations were also eased, while he said that crude imports from Venezuela would likely be stopped.
  • Tightening US sanctions against Russia and Iran have pressured prices higher this month. The US sanctions on Russia’s shadow fleet has increased Asian buyer interest in non-sanctioned crude and driven higher shipping costs.
  • Yemen’s Houthis intend to limit their attacks on ships to Israeli linked vessels following the Gaza ceasefire the Yemen-based Humanitarian Operations Coordination Center (HOCC) said.
  • Cold weather in the Northern hemisphere has driven higher heating oil demand this month but also disrupted US crude output.  North Dakota crude output was estimate 120-150kb/d lower due to extreme cold, the pipeline authority said.
    • Brent MAR 25 down 0.5% at 79.74$/bbl
    • WTI MAR 25 down 1.3% at 76.4$/bbl
    • Brent MAR 25-APR 25 down 0.04$/bbl at 1.01$/bbl
    • Brent JUN 25-DEC 25 down 0.09$/bbl at 3.27$/bbl
    • US gasoline crack down 0.4$/bbl at 11.26$/bbl
    • US ULSD crack down 0.2$/bbl at 32.18$/bbl