OIL: Oil End of Day Summary: Crude Trades Higher

WTI ended the day trading higher as the market remains uncertain ahead of Trump’s tariff announcement at 4pm ET.

• WTI MAY 25 up 0.8% at 71.78$/bbl
• US President Trump has said that the tariffs will take effect immediately, while Treasury Secretary Bessent stated that there will be a “cap” and that countries can negotiate to reduce the tariff they face below this. There could be a tiered tariff structure along with specific reciprocal taxes, according to Bloomberg.
• A 10% tariff on US oil imports could lead to heavy crude discounts, higher wholesale prices, Goldman says.
• A bipartisan group of 50 US senators tabled a sanctions plan on Russia and those who buys its fossil fuels, if Russia’s President Putin doesn’t honestly negotiate a truce and then stick to it.
• EIA Weekly US Petroleum Summary - w/w change week ending Mar 28: Crude stocks +6,165 vs Exp -224, Crude production +6, SPR stocks +285, Cushing stocks +2,373
• Canada’s Trans Mountain oil pipeline has downgraded forecasts for oil expected to flow through over the next three years, as the newly extended pipeline increases more slowly than expected, Reuters said.
• Canadian oil is entering the trade war with the US backed by the strongest pricing for its crude in four years, cushioning it against the impact of US tariffs.
• OPEC+ ministers are expected to discuss the need for members to abide by their oil supply quotas in today’s meeting, delegates told Bloomberg.
• Guyana’s oil supply is expected to surge in late 2025 as Exxon’s 250k b/d Yellowtail project nears its startup, Kpler said.
• Nigeria’s 650k b/d Dangote imported around 14m bbl of crude in March, Bloomberg said.
• MNI COMMODITY WEEKLY: Pressure Mounts on Sanctioned Barrels: https://enews.marketnews.com/ct/x/pjJsdgKAlOkI6a02IRt0Gw~k1zZ8KXr-kA8x67FUpWhptIPjO1OcQ