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OIL: Oil Prices Steady - On Track for Biggest Weekly Decline for Year. 

OIL
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  • The push pull of tariff headlines was evident in oil markets today as some economists suggest that full blown tariffs could drive economic growth down, weighing heavy on oil demand.
  • As always with markets a counter view is that tariffs on Mexican and Canadian oil (whose infrastructure is dominated by US demand) could actually increase oil demand as the US demand seeks supply from elsewhere.
  • WTI opened at $66.34 trading down initially before recovering back to $66.39.
  • WTI is down -4.8% this week and on track to record its biggest fall for the year.
  • Brent opened at g$69.43 falling initially before stabilizing at $69.53 on low volumes.
  • Brent is currently down -4.9% for the week, on track for its biggest decline for the year.
  • President Trump has now indicated tariffs will be deferred on Canada and Mexico for all goods covered under the trade agreement known as USMCA which includes energy.
  • Data out shows US refiners have reduced their orders for Mexican oil by 30% for March.
  • Canadian fuel tankers usually bound for the US are being diverted to Europe  as the flow of energy in North American is disrupted by tariffs.
  • Treasury Secretary Bessent said Thursday that the US “will not hesitate to go all in on Russian energy if it helps lead to a ceasefire in Ukraine.”
  • In a report to the National People’s Congress China’s economic planners are advocating a reduction in the refinement of oil and a re-focus on chemicals .
  • Brazil’s Raizen SA is exploring the sale of its Argentinian oil assets as yet another multi-national leaves the country. 
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  • The push pull of tariff headlines was evident in oil markets today as some economists suggest that full blown tariffs could drive economic growth down, weighing heavy on oil demand.
  • As always with markets a counter view is that tariffs on Mexican and Canadian oil (whose infrastructure is dominated by US demand) could actually increase oil demand as the US demand seeks supply from elsewhere.
  • WTI opened at $66.34 trading down initially before recovering back to $66.39.
  • WTI is down -4.8% this week and on track to record its biggest fall for the year.
  • Brent opened at g$69.43 falling initially before stabilizing at $69.53 on low volumes.
  • Brent is currently down -4.9% for the week, on track for its biggest decline for the year.
  • President Trump has now indicated tariffs will be deferred on Canada and Mexico for all goods covered under the trade agreement known as USMCA which includes energy.
  • Data out shows US refiners have reduced their orders for Mexican oil by 30% for March.
  • Canadian fuel tankers usually bound for the US are being diverted to Europe  as the flow of energy in North American is disrupted by tariffs.
  • Treasury Secretary Bessent said Thursday that the US “will not hesitate to go all in on Russian energy if it helps lead to a ceasefire in Ukraine.”
  • In a report to the National People’s Congress China’s economic planners are advocating a reduction in the refinement of oil and a re-focus on chemicals .
  • Brazil’s Raizen SA is exploring the sale of its Argentinian oil assets as yet another multi-national leaves the country.