03 February 2025: 08:30 GMT
Tariff time! North American free trade is dead! Trump saw to that. Not day 1 but pretty pronto. The pieces are moving on the chessboard. China, Canada and Mexico all got smacked. 25% tariffs on imports to the US from Canada and Mexico, but only 10% on energy imports from Canada. Trump broke USMCA. Power is intoxicating… hence the problem. Countries bent over and Trump thinks he can push through anything… But global trade gums up and GDP suffers. US companies get hit. What a mess! Is Dated Brent under threat as a benchmark, as Europe threatened retaliatory tariffs. Maybe no Midland?? We see this as highly unlikely, but anything US is UNSTABLE. Shooting from the hip means sometimes you hit your own leg.
In ‘The Officials’, Onyx Capital Advisory publishes outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
We invite you to read our reports, which will initially be published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST).
For any comments, please reach out to us through the emails provided in the signed documents.
