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Tariff threats have driven a rush in exports, causing Canadian crude oil exports to the US to fall to their lowest level in two years.
Earlier this year, in order to complete exports before US President Trump's threat of increased tariffs, a large amount of Canadian Crude Oil Product flooded into the US, leading to a sharp decline in local inventories. Now, the scale of US imports of oil from Canada is significantly decreasing. Preliminary data from the US Energy Information Administration shows that last week, US imports of Crude Oil Product from Canada fell to 3.13 million barrels per day, the lowest level since March 2023. At the same time, Enbridge Inc. stated that there is no need to ration space on Canada's largest oil export pipeline network next month, indicating that exports of Crude Oil Product to the US may continue to remain low.
EIA: Crude Oil Product inventories in the USA increased by 1.745 million barrels last week, with the estimated median being an increase of 1 million barrels.
The inventory report from the US Energy Information Administration (EIA) shows the following changes from last week: RBOB Gasoline inventories decreased by 0.527 million barrels, estimated to decrease by 3 million barrels; distillate oil inventories decreased by 2.812 million barrels, estimated to decrease by 0.5 million barrels; Cushing Crude Oil Product inventories declined by 1.009 million barrels, refinery utilization rate increased by 0.4 percentage points, daily crude oil imports decreased by 0.085 million barrels, and daily crude oil production decreased by 2,000 barrels.
USA oil industry giants will meet with Trump to express their gratitude while also offering "painful advice."
More than a dozen Company Executives from Oil & Gas companies will meet with Trump on Wednesday, during which they will express their gratitude and also offer some honest advice. Industry leaders say they have many reasons to express their thanks. Trump is a strong supporter of US Energy production and vows to unleash the potential of the Industry. Since taking office two months ago, he has taken measures to begin rolling back policies that increase Operation costs and reduce RBOB Gasoline demand. However, for at least 15 Oil & Gas tycoons who will visit Trump at the White House, there are also warning signs on the road to becoming an energy powerhouse. Chris Wright, the US Energy Secretary, proposed a price of $50 per barrel.
Crude Oil in the USA fell 1% on Tuesday as the market focused on the progress of the Russia-Ukraine peace talks.
Crude Oil in the USA fell by about 1% on Tuesday. USA President Trump and Russia President Putin discussed measures to end the three-year-long war in Ukraine, which may result in a relaxation of sanctions on Russian fuel exports. Early Tuesday, WTI oil prices reached a two-week high due to market concerns that instability in the Middle East might reduce oil supply, while hopes for economic stimulus plans in China and Germany could boost fuel demand in these two major economies. The WTI futures for April delivery on the New York Commodity Exchange decreased by 68 cents, a drop of 1%, closing at $66.90 per barrel. However, many Analysts stated that even if the USA and
Economists warn that the probability of the USA falling into recession could be as high as 50%.
Wall Street believes that the likelihood of a recession in the USA is increasing, and some economists even estimate a 50% probability. JPMorgan's chief economist Bruce Kasman stated to reporters in Singapore last Wednesday that he now estimates the risk of a recession to be around 40%, up from about 30% at the beginning of the year. However, he added that if the reciprocal tariffs planned by President Trump (set to take effect on April 2) actually come into effect, the likelihood of a recession could rise to 50% or higher. Kasman stated: "If we continue down this more destructive, business-unfriendly policy path.
Gold prices have historically surpassed 3000 dollars, and international Institutions have collectively raised their expectations!
On March 14, gold futures in New York broke the $3,000 mark, and spot Gold reached $2,990 per ounce, continuing to hit historical highs. As concerns regarding the USA's economic outlook intensify, the demand for Gold as a safe-haven Assets has significantly increased, especially with the uncertainties in the market due to potentially destructive trade policies from the Trump administration, leading investors to turn to Gold as a traditional safe-haven Assets. Gold surpassed $3,000 with a massive delivery reported, which followed the COMEX announcing a delivery volume of 0.41 million ounces, resulting in a significant surge in the gold futures market. Meanwhile, physical Gold...
