Tuesday, December 03 2024

Trump’s oil tariffs and their global impact
Among the executive orders to be signed on day one of his incoming presidency, the maverick US President-elect Donald Trump has threatened to impose a 25 per cent tariff on all imports from Canada and Mexico. The tariff would also be levied on crude oil until these countries stop the inflow of illegal “immigrants and drugs fentanyl into the US”. Canada and Mexico are the two top sources of US crude oil imports, accounting for around a quarter of the total oil US refiners process into fuels like gasoline and heating oil, according to the US Department of Energy. The US imported about 5.2 million barrels per day (bpd) of crude and petroleum products from Canada and Mexico in 2024. Out of it, more than 4m barrels of oil came from Canada, and data from the US government’s statistical arm, the Energy Information Agency, showed that, as per a Canada Energy Regulator report in August, 97pc of Canadian crude oil exports went to the US. Most of this oil travels through pipelines to US oil refineries in the Midwest.
Related news categories: business misc oilgas-exploration oilgas-marketing

Monday, December 02 2024

Trump’s oil tariffs and their global impact
Among the executive orders to be signed on day one of his incoming presidency, the maverick US President-elect Donald Trump has threatened to impose a 25 per cent tariff on all imports from Canada and Mexico. The tariff would also be levied on crude oil until these countries stop the inflow of illegal “immigrants and drugs fentanyl into the US”. Canada and Mexico are the two top sources of US crude oil imports, accounting for around a quarter of the total oil US refiners process into fuels like gasoline and heating oil, according to the US Department of Energy. The US imported about 5.2 million barrels per day (bpd) of crude and petroleum products from Canada and Mexico in 2024. Out of it, more than 4m barrels of oil came from Canada, and data from the US government’s statistical arm, the Energy Information Agency, showed that, as per a Canada Energy Regulator report in August, 97pc of Canadian crude oil exports went to the US. Most of this oil travels through pipelines to US oil refineries in the Midwest.
Related news categories: business misc oilgas-exploration oilgas-marketing

Friday, November 29 2024

Opec+ shifts meeting to Dec 5, could delay output hike
Opec+ is discussing postponing its oil output hike due to start in January for the first quarter of 2025, Opec+ sources told Reuters on Thursday, and will hold further talks on this and other options ahead of its delayed policy meeting on Dec 5. Issues that need to be addressed include an output hike for the UAE agreed in June this year that’s scheduled to start in January 2025, two of the sources said, declining to be identified. Opec+, which pumps about half the world’s oil, is gradually aiming to un­­wind output cuts through 2025. However, a slowdown in global demand and rising output outside the group pose hurdles to that plan and have weighed on prices.
Related news categories: business misc oilgas-exploration oilgas-marketing

Thursday, November 28 2024

Oil eases on rate-cut worries
Oil prices edged lower on Wednesday as a large, surprise build in US gasoline stocks and worries about the outlook for US interest rates next year outweighed easing supply concerns from a ceasefire deal between Israel and Hezbollah. Brent crude futures were down 42 cents, or 0.6 per cent, to $72.39 a barrel by 1:20pm ET (1820 GMT). US West Texas Intermediate crude slipped 51 cents, or 0.7pc, to $68.26. US gasoline stocks rose by 3.3 million barrels in the week to 212.2 million barrels, the Energy Information Administration said, compared with analysts’ expectations in a Reuters poll for a draw of 46,000 barrels. Crude stocks fell by 1.8 million barrels in the week ended Nov. 22, the EIA added, compared with analysts’ expectations in a Reuters poll for a draw of 605,000 barrels. Market sources, citing the American Petroleum Institute, had said on Tuesday that oil inventories fell by 5.94 million barrels and fuel inventories rose last week.
Related news categories: business misc oilgas-exploration oilgas-marketing

Tuesday, November 26 2024

Oil falls $2 on possible peace deal in Mideast
Oil prices fell more $2 on Monday after multiple reports that Israel and Lebanon had agreed to the terms of a deal to end the Israel-Hezbollah conflict, citing unnamed senior US officials. Brent crude futures were down $2.02, or 2.69 per cent, at $73.15 a barrel by 9:57 a.m. CST (1557 GMT), while US West Texas Intermediate crude futures were down $2.08, or 2.92pc, at $69.16 a barrel. Israel said on Monday that it is moving toward a ceasefire in the war with Hezbollah but there are still issues to address, while Lebanese officials voiced guarded optimism but said Israeli Prime Minister Benjamin Netanyahu was not to be trusted. “It seems the news of a ceasefire between Israel and Lebanon is behind the price drop, though no supply has been disrupted due to the conflict between the two countries and the risk premium in oil has been low already before the latest price decline,” said Giovanni Staunovo of UBS.
Related news categories: business misc oilgas-exploration oilgas-marketing