- Despite Trump’s increased pressure on Iran, oil prices dropped due to concerns about the US-China trade war impacting global growth
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- WTI crude slid below $72 Bbl after a choppy start to the week that saw the market swing due to the announcement and delay of tariffs on Canada and Mexico
- The restored “maximum pressure” campaign on Iran includes efforts to drive its oil exports down to zero
- The API reported a 5 MMBbl increase in in US crude inventories last week (Oil Price)
- Analyst had previously expected a 3 MMBbl build
- Crude prices have retreated from a high above $80 Bbl last month with signs of softening in the physical market
- Midwest refiners see an opportunity to switch to domestic oil on tariffs (BBG)
- Marathon Petroleum’s Midwest refineries could switch to processing more domestic crudes amidst the potential trade war with Canada limiting access to discounted heavy Canadian crude
- The company believes it could make the switch to crude from the Bakken formation, Rockies, and the Marcellus and Utica shale basins
- Marathon Petroleum’s CCO Hessling believes the cost “will be borne by the producer, and then frankly to a lesser extent the consumer”
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