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OIL: Oil Set for Weekly Gain as Tariffs Take Centre Stage. 

OIL
BulletEnergy BulletsCommodities
  • Oil markets are on track for a weekly gain, following three successive weeks of losses.
  • As President Trump signed a measure proposing reciprocal tariffs on numerous trading partners, assessing tariffs on a country by country basis, markets realized that tariffs are not imminent and turned positive.
  • WTI opened the day at US$71.52 bbl and trended marginally higher throughout the day to $71.40.
  • WTI is enjoying a positive week and on track to be +0.55% higher.
  • Brent opened at $75.02 and rose modestly throughout to reach $75.20.
  • Brent too is on track for a positive week up +0.70%
  • The International Energy Agency had reduced its forecasts for oil surplus in 2025.
  • The IEA reduced their forecasts for output from Russia and Iran, given the focus from the US on halting their shipments and imposition of sanctions, and revising up their assumptions for demand in Asia.
  • In signs that the focus on Russia is working, ship tracking data shows that over 50% of the oil tank listers blacklisted by the Biden administration are currently not shipping oil (as per BBG). 
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  • Oil markets are on track for a weekly gain, following three successive weeks of losses.
  • As President Trump signed a measure proposing reciprocal tariffs on numerous trading partners, assessing tariffs on a country by country basis, markets realized that tariffs are not imminent and turned positive.
  • WTI opened the day at US$71.52 bbl and trended marginally higher throughout the day to $71.40.
  • WTI is enjoying a positive week and on track to be +0.55% higher.
  • Brent opened at $75.02 and rose modestly throughout to reach $75.20.
  • Brent too is on track for a positive week up +0.70%
  • The International Energy Agency had reduced its forecasts for oil surplus in 2025.
  • The IEA reduced their forecasts for output from Russia and Iran, given the focus from the US on halting their shipments and imposition of sanctions, and revising up their assumptions for demand in Asia.
  • In signs that the focus on Russia is working, ship tracking data shows that over 50% of the oil tank listers blacklisted by the Biden administration are currently not shipping oil (as per BBG).