10 April 2025: 16:30 BST
Don’t worry everyone! It’s all “going to work out very well”. The man said so… And yet the Trumpster is pushing his enemies to make friends with his former friends. The EU and China are beginning negotiations to abolish tariff son Chinese EVs. How will Germany’s car industry survive an onslaught of cheap, competitive Chinese EVs without the protection of a nice tariff blanket? BMW, Mercedes-Benz and Volkswagen are surely quaking in their boots right now! They’re also still smacked with Trump’s 25% auto tariffs… International relations are all about tariff negotiations now. And promises to buy more US energy products keep raining down from countries keen to avoid tariffs. But US supply is being pulled in all directions! Domestic demand is growing, up over 1.7% y/y YTD, according to The Officials calculations based on EIA data, while the most recent data (referring to January) shows exports of crude and products down over 1% y/y and Kpler saw crude exports down nearly 4% YTD. As production is lacklustre and domestic demand is growing, where does Trump hope to find the extra slack to boost exports? It’s not like he can just drain the SPR to sell that abroad, as Cushing inventories are down almost 34% from their 5-year average – and that wouldn’t be popular anyway.
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).
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