Daily Oil Fundamentals

Tariffs Cannot Be Ignored, Neither Can OPEC+

04 Apr 2025

Tariffs Cannot Be Ignored, Neither Can OPEC+

Whether or not it was OPEC+ intention to hide its revised output hike behind the melee caused by President Trump’s sweep of tariffs across the board of trade, be they for salient partners or not so, is conjecture, but it has not worked. The timing is frankly amazing, although there has been an inevitability to this action because trying to hold the oil price for the benefit of non-DoC members, losing market share and being undermined by the cheating actions of the same renegades needs a response.

Daily Oil Fundamentals

The Gloves are Off

03 Apr 2025

The Gloves are Off

Markets are normally influenced by a wealth of factors. The weekly statistics from the EIA on US oil inventories are one of them. The late report showed a surprise build in crude oil stocks, which, in hindsight was not really unexpected. Imports grew by 1 mbpd, chiefly from Canada, as the anxiety level on import duties remained elevated throughout the week. This jump led to an increase in commercial inventories, even though gasoline stockpiles declined, and distillate inventories remained broadly unchanged.

Daily Oil Fundamentals

Tariffs

02 Apr 2025

Tariffs

Well, here we are. Finally, ‘Liberation Day’ is upon us and whether it will turn out to be an inflection point in the progress of world trade, a complete ‘cry wolf’ dud, or something in between will only be revealed from the Rose Garden of the White House at 8pm GMT. In his run up to the Presidency, Donald Trump’s tariff manifesto was something easily understood, with a 10% sweep on all imports and a threat to China of 20% to 60%, the world and its markets at least had some parameters.