SHOCKING DEAL! Canada and Mexico Foil US Tariff Plans for Now!
TARIFFS DELAYED! WHAT DOES IT MEAN FOR OIL PRICES?
In a jaw-dropping twist of fate, Canada and Mexico just pulled a fast one on the United States, striking a last-minute pact that postpones dreaded tariffs by at least a month! This staggering development sent shockwaves through the oil markets, which were counting their gains before this bombshell hit.
Crude oil prices are feeling the pinch as NYMEX West Texas Intermediate (WTI) takes a nosedive, plunging over 1%. Meanwhile, the RBOB and ULSD markets are scrambling under mounting pressure. Fears over Canadian oil tariffs have blown the differential for West Canada Select (WCS) wide open, widening by a staggering $1.55 per barrel to a staggering discount of $17.84! This is the weakest it’s been since July 2024, and with trade tensions hanging over Canada like a dark cloud, the oil patch is bracing for a storm!
OPEC’S BIG MOVE: NO CHANGE, BUT WILL THEY CHANGE THEIR MINDS?
In other jaw-dropping news, OPEC+ held its Joint Ministerial Monitoring Committee meeting and—surprise, surprise—made NO changes to its output policy! They’re sticking to their guns and getting ready to unwind those extra supply cuts starting in April. A whopping 2.2 million barrels per day set to flow back into the market over the next 18 months, but hang onto your hats, folks! That comeback is totally dependent on market conditions – and we all know how unpredictable those can be!
EUROPE IN A STORAGE SCRAMBLE!
Over in Europe, energy prices are crying uncle but holding steady, with the TTF price climbing by over 1% to €53.79/MWh! But beware! The EU is experiencing a quicker-than-expected drawdown in gas storage that’s sending jitters through the market. With storage now under 53% full—not to mention the unplanned outages in Norway—the gales of uncertainty are blowing hard! Russian gas flows via Turkstream spiked, totaling 1.4 billion cubic meters — a massive 26% up from last year. Buckle up; it’s going to be a bumpy ride!
GOLD SOARS TO NEW HEIGHTS!
And if you thought it couldn’t get any crazier, think again! Gold prices have skyrocketed to an all-time high, all thanks to President Trump’s shocking tariffs on Canada, Mexico, and China! Investors are scrambling to the safety of gold as uncertainties loom larger than ever. Even with the recent deal delaying tariffs, the market is buzzing with anticipation! Total known gold ETF holdings have surged by over 590,000 ounces this year, hitting a massive 83.4 million ounces, as everyone gears up for potential chaos!
Get ready, because the markets are in a frenzy, and you won’t want to miss what comes next!
