Oil eases off five-week highs as traders weigh impact of imminent Trump tariffs
Oil prices edged lower on Tuesday as traders braced for reciprocal tariffs that U.S....
Oil prices edged lower on Tuesday as traders braced for reciprocal tariffs that U.S. President Donald Trump is due to announce on Wednesday. These tariffs could intensify a global trade war.
However, Trump's threats to impose secondary tariffs on Russian oil and to attack Iran fueled supply worries, limiting losses.
Brent futures settled down 28 cents, or 0.37%, at $74.49a barrel. The session high was above $75 a barrel. U.S. West Texas Intermediate crude futures fell 28 cents, or 0.39%, to $71.20.
On Monday, the contracts settled at five-week highs.
The White House provided no details about the size and scope of tariffs that it confirmed Trump will impose on Wednesday.
"The market is getting a little jittery with less than 24 hours to go," said Bob Yawger, director of energy futures at Mizuho. "We may lose some Mexican, Venezuela and Canadian supplies, but there is definitely a chance that demand destruction could outpace those barrels," he added.
Stocks end mostly higher after final-hour rally ahead of Trump's tariff rollout
U.S. stocks finished mostly higher after a volatile session...
U.S. stocks finished mostly higher after a volatile session on Tuesday, as investors digested a batch of economic updates showing a rapidly cooling economy and awaited President Donald Trump's tariff update on Wednesday afternoon.
The Dow Jones Industrial Average finished nearly flat, at 41,989.96, according to FactSet data.
The S&P 500 was up 21.22 points, or 0.4%, to end at 5,633.07.
The Nasdaq Composite advanced 150.60 points, or nearly 0.9%, to finish at 17,449.89.
In economic data, the March ISM manufacturing index showed that U.S. manufacturers appear to have fallen back into a slump. They face rising prices and lower demand due to Trump’s new tariffs on metals and pending levies on other foreign goods.
Court ruling puts US Gulf of Mexico O&G leases at risk
Judge Amit Mehta of the US District Court for the District...
Judge Amit Mehta of the US District Court for the District of Columbia has ruled that the Biden administration violated the National Environmental Policy Act by moving forward with a US Gulf of Mexico oil and natural gas lease sale without adequate consideration of climate impacts and threats to an endangered whale species. The American Petroleum Institute, a party in the case, said it's weighing next steps and argued the lawsuit reflects a broader trend of environmental groups exploiting the permitting process to stall energy development.
TG Natural Resources Wins Chevron's Haynesville Assets for $525MM
TG Natural Resources (TGNR) is the winning bidder against other Haynesville...
TG Natural Resources (TGNR) is the winning bidder against other Haynesville Shale E&Ps in year-long negotiations with Chevron Corp. for what is considered the last block of undeveloped Haynesville leasehold.
Chevron Corp. reported that TGNR will pay $525 million for a 70% interest in the property. Of this, Chevron will receive $75 million in cash and $450 million as a capital carry to fund D&C of the leasehold’s Haynesville rights.
Chevron retains a 30% non-operated interest in the joint venture and an overriding royalty interest (ORRI) in the assets. Chevron estimates the deal is valued to it at $1.2 billion at current Henry Hub futures.
Tokyo Gas’ Houston-based Haynesville pureplay TGNR will gain the 70% working interest in 71,000 net contiguous acres, all in Panola County, Texas. The Japan-based utility confirmed the deal in a separate announcement.
Tomorrow, on a day selected to show he wasn’t joking,...
Tomorrow, on a day selected to show he wasn’t joking, President Trump is expected to impose a slew of new tariffs in what he is calling “Liberation Day,” with hopes of rebalancing global trade in America’s favor. While it’s not entirely clear what the president plans to announce, it’s likely to include reciprocal tariffs that will reflect the duties that allies and adversaries alike put on incoming US goods, as well as import taxes on specific industries, like a previously announced 25% tariff on autos and possibly a promised tariff on pharmaceuticals.
