AMERICAS OIL: US Oil Industry Seeking Carve Outs From Trump Steel, Oil Levies
US Oil Industry Seeking Carve Outs From Trump Steel, Oil Levies: Bloomberg
- The US oil industry is confident it can win exemptions from Trump administration tariffs on imported steel and crude, according to the American Petroleum Institute.
- Tariffs of 10% on Canadian oil and 25% on Mexican cargoes are set to kick in next month, alongside a 25% levy on steel, although Trump has shown flexibility in implementing such measures in response to cooperative gestures by foreign leaders.
- “There’s a lot of time between now and then for us to make the case about the importance of certain steel products and certain countries that are going to be important for the industry,” API Chief Executive Officer Mike Sommers said during an interview in Houston on Thursday. “We’ll be making that case.”
- US oil companies rely on overseas steel and gear to drill fields and manufacture fuel, while also depending on relatively open access to foreign markets for their products.
- “To this point, what we’ve seen is the president’s energy dominance agenda is more important than the tariff agenda,” Sommers said. “We’re going to continue to work with them as they consider different tariffs.”
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GBPUSD TECHS: Trend Outlook Remains Bearish
- RES 4: 1.2613 50-day EMA
- RES 3: 1.2607 High Dec 30
- RES 2: 1.2456/2576 20-day EMA / High Jan 7
- RES 1: 1.2367 High Jan 9
- PRICE: 1.2198@ 19:56 GMT Jan 14
- SUP 1: 1.2100 Low Jan 10
- SUP 2: 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing
- SUP 3: 1.2037 Low Oct 4 ‘23 and a key support
- SUP 4: 1.2000 Psychological round number
The trend condition in GBPUSD remains bearish and the pair is trading closer to its recent lows. Last week’s move down confirmed a resumption of the downtrend and marks an extension of the price sequence of lower lows and lower highs. Note too that moving average studies are in a bear-mode position, highlighting a dominant bear trend. Sights are on 1.2087 next, a Fibonacci projection. Initial firm resistance is at 1.2367, the Jan 9 high.
EURUSD TECHS: Bearish Trend Sequence Remains Intact
- RES 4: 1.0630 High Dec 06
- RES 3: 1.0513 50-day EMA
- RES 2: 1.0437/58 High Jan 6 / High Dec 30
- RES 1: 1.0361 20-day EMA
- PRICE: 1.0300 @ 19:52 GMT Jan 14
- SUP 1: 1.0178 Low Jan 13
- SUP 2: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
- SUP 3: 1.0122 2.0% 10-dma envelope
- SUP 4: 1.0031 2.000 proj of the Sep 25 - Oct 23 - Nov 5 price swing
The trend condition in EURUSD remains bearish and recent short-term gains have proved to be a correction. Friday’s move lower resulted in a print below 1.0226, the Jan 2 low. The pair also traded lower Monday. The break of 1.0226 confirms a resumption of the downtrend. Sights are on 1.0138 next, a Fibonacci projection. Resistance to watch is 1.0458, Dec 30 high. The latest bounce is considered corrective.
US TSYS: Draft of Ceasefire & Hostage Deal Agreed On in Principle
- Wires reporting that draft ceasefire and hostage deal between Israel and Hamas has been agreed upon "in principle".
- If details are approved and the Israeli government also votes for its approval, implementation of the deal could begin as soon as this weekend, CBS reports.
