Apr’25 Brent futures strengthened this morning. It rose from just below $76.00/bbl at 0200 GMT to $76.90/bbl at 1020 GMT (time of writing). President Donald Trump imposed a flat 25% tariff on steel and aluminium imports to the US, with no exceptions or exemptions, aiming to support struggling domestic industries, Reuters reports. The new tariff will impact millions of tons of imports from Canada, Brazil, Mexico, South Korea, and other countries, raising concerns about a potential multi-front trade war. JODI reported India’s total product demand rose by 265 kb/d in November, and total product imports grew by 42 kb/d m/m. BP’s profit dropped to $381 million in 2024 from $15.2 billion in 2023 due to lower refining margins, asset write-downs, and gas price impacts. Revenue fell 9% to $195 billion, leading CEO Murray Auchincloss to announce a strategy reset on 26 Feb. He is shifting BP’s focus to oil and gas while cutting back on renewable energy investment. BP plans to add six new wells to its operation in Azerbaijan’s Shah Deniz gas field in the Caspian Sea. At the time of writing, the Apr/May and Apr/Oct Brent futures spreads are at $0.50/bbl and $3.04/bbl, respectively.
