Oil Ends Lower as Trump’s Output and Tariffs Plans Fuel Supply Uncertainty
Oil futures ended lower on Tuesday as traders weighed prospects for crude...
Oil futures ended lower on Tuesday as traders weighed prospects for crude supplies after President Donald Trump vowed to boost already record U.S. crude output, threatened to implement a steep tariff on Canadian imports and called for replenishing the Strategic Petroleum Reserve.
West Texas Intermediate crude for February delivery fell $1.99, or 2,6%, to end at $75.89 a barrel on the New York Mercantile Exchange on the contract’s expiration day. The March contract which is now the front month, lost $1.56, or 2%, to $75.83 a barrel. WTI futures didn’t settle Monday due to the Martin Luther King Jr. Day holiday.
March Brent crude the global benchmark, declined 86 cents, or 1.1%, to $79.29 a barrel on ICE Futures Europe.
February gasoline shed 1.3% to $2.08 a gallon, while February heating oil lost 2.4% to $2.56 a gallon.
Natural gas for February delivery settled at $3.76 per million British thermal units, down 4.9%.
Dow gains over 500 points as stocks climb on first trading day of Trump's term
U.S. stocks finished higher on Tuesday as Wall Street...
U.S. stocks finished higher on Tuesday as Wall Street wrapped up the first trading day of President Donald Trump's second term in office on a positive note.
The Dow Jones Industrial Average rose more than 500 points, or 1.2%, to end near 44,026, according to preliminary data from FactSet.
The S&P 500 was up 0.9%, to finish around 6,049.
The Nasdaq Composite surged 0.6%, ending around 19,756.
Investors on Tuesday welcomed Trump’s calmer-than-expected tone on tariffs. Trump said on Monday his administration "will tariff and tax foreign countries to enrich our citizens,” but he didn’t appear set to follow through on an earlier threat to impose 25% tariffs on imports from Mexico and Canada, as well as an additional 10% tariff on imports from China.
Wall Street has feared that a swath of tariffs on U.S. imports could lead to a resurgence of inflation, which could harm the government-debt market and send interest rates higher again. Treasury yields ended mostly lower on Tuesday, with the 10-year rate finishing at its lowest since Dec. 30, according to FactSet data.
North America is set to spearhead global liquified natural gas development...
North America is set to spearhead global liquified natural gas development in 2025, with the US likely to approve over 35 million tons per year of new capacity, potentially rising to 57 million tons if Trump implements LNG-friendly policies. Key projects like Alaska LNG and Venture Global's CP2 plant are advancing, supported by billions in investments, as buyers seek alternatives to Russian gas amid tightened sanctions and supply disruptions.
Donald Trump was sworn in as the 47th president of the...
Donald Trump was sworn in as the 47th president of the US yesterday, and he didn’t take long after removing the “-elect” from his title to unleash a number of actions intended to reshape the country’s economy while under his watch. President Trump on Monday pardoned members of the mob that attacked the Capitol on Jan. 6, 2021, and signed dozens of executive orders addressing the first priorities of his administration.
Energy/climate: Trump will once again remove the US from the Paris climate agreement as part of a series of actions promoting fossil fuel use and reducing government support of renewable energy. In his first term, Trump withdrew the US from the agreement, which was signed by nearly 200 countries in 2015 to keep warming of the planet under control, before former President Biden reinstated it in 2021. The United States is the only country to have removed itself from the Paris accords.
In Southern California, where progress had been made corralling the devastating...
In Southern California, where progress had been made corralling the devastating wildfires, the National Weather Service warned of dangerous fire conditions through this morning due to a renewed gust of Santa Ana winds and low humidity. Other parts of the country have the opposite problem: An arctic blast is freezing the Central and Eastern US with temperatures in the teens and below, while lake effect snow could dump 1 to 2 feet on parts of western New York state.
Houston, the city that experiences snowfall about once every four years and last saw it in 2021—an inch, to be exact—is expecting as much as six inches today, which would be the most in the area in 65 years.
Houston isn’t the only city bracing for a rare heavy snowfall, because a winter storm is forecast to hit eight states in the South between yesterday and tomorrow. It could be historic: New Orleans, a city that hasn’t had measurable snowfall since 2009, and has never had more than 2.7 inches, is expecting 3–6 inches today. Florida issued its first winter storm watch in 11 years with record snowfall predicted in the state’s panhandle
