Trump and disruption, the two key words of this week, resonate across all markets as almost every single commodity could see disruptions after the US President rolls out his April 2 tariff plan.
With pressure mounting on Venezuela, OPEC+ pressurizing Kazakhstan into compliance, and Trump flaunting secondary sanctions on Russia, ICE Brent is within arm’s reach of $75 per barrel.
US Ready to Unveil New Tariffs on ‘Liberation Day’. US President Donald Trump is set to unveil new tariffs targeting specific countries that have trade surpluses with the US on April 2, pledging to ‘roll back unfair trade practices’ of EU countries or even Japan, adding volatility to this week’s trading.
Trump Mulls US Deep Sea Mining Options. The White House is reportedly mulling the issuance of an executive order that would fast-track deep sea mining project permits in international waters, letting mining companies bypass a UN-sponsored process as the US still hasn’t ratified UNCLOS.
European Oil Majors Barred from Venezuela. The US Treasury Department has revoked waivers that allowed Italy’s Eni and Spain’s Repsol to operate in Venezuela and import crude from their respective projects as part of crude-for-debt payments, impacting some 50,000 b/d of production.
Draught Limits German River Navigation. Germany might see a replay of its 2022 drought conditions as water levels on the Rhine River start to hamper shipping, with the key chokepoint of Kaub already shrinking to a mere 1.05m in depth, boosting freight rates and putting pressure on diesel.
Vitol-Backed Refiner Buys Up Sweden’s Refineries. Varo Energy, co-owned by Vitol and PE giant Carlyle Group, has agreed to purchase Swedish refiner Preem in an all-cash deal for an undisclosed sum, boosting its portfolio with two refineries in Lysekil and Gothenburg, totalling 350,000 b/d of capacity.
Kazakhstan Overtly Defies OPEC+ Mandate. The Central Asian nation of Kazakhstan continues to boost its oil and condensate production amidst the Tengiz field’s expansion, posting an all-time high in March with 2.17 million b/d produced despite its OPEC+ quota staying at 1.468 million b/d.
Russia Pressures Kazakh Producers to Comply. Seeing record output from Kazakhstan, Russia seems to be forcing oil exporters using the Caspian Pipeline Consortium to cut production as it closed two of the port’s three available moorings, citing an alleged snap inspection over a December oil spill.
Norway’s Long-Awaited Arctic Field Is On. Norway’s Equinor (NYSE: EQNR) has officially launched the Johan Castberg field in the Arctic Barents Sea after a three-month delay, seeking to bring it to its nameplate capacity of 220,000 b/d over the next years and garnering some $8 billion by 2027.
Myanmar Earthquake Rattles Tin Markets. Prices of tin rose to two-week highs this week after a 7.7 magnitude earthquake damaged large parts of Myanmar, the world’s third-largest producer, sending LME benchmark futures above $36,500 per metric tonne and inverting the curve to backwardation.
Mine Blast Could Halt Coal Price Collapse. Australia’s safety regulators have suspended operations at Anglo American’s (LON: AAL) Moranbah North coking coal mine in Queensland after a carbon monoxide-induced explosion, potentially cutting global supply by some 5-6 million tonnes per year.
Shuttered Russian LNG Plant Flares Again. The Arctic LNG 2 liquefaction plant in Russia’s Arctic North has started to flare gas again after halting all operations last October, with stringent US sanctions on LNG carriers affiliated with project operator Novatek prompting a full winter stop.
Gold Is Still Flying High. Gold prices surged to another record high on Tuesday, touching 3,148 per ounce in intraday trading, as the anticipation of the Trump Administration’s April 2 tariffs boosting the safe-haven appeal of the bullion, having already posted its strongest quarter since 1986.
Japan Keeps on Boosting US Shale Portfolio. Tokyo Gas’ (TYO:9531) investment vehicle, TG Natural Resources, jointly operated with Castleton Commodities, bought a 70% stake in Chevron’s East Texas gas assets in the Haynesville Basin, building on its 2023 acquisition of Rockcliff Energy for $2.7 billion.
Oilprice.com
