World News
Oil Dips And Canada Braces For Fight As Trump Returns To White House
Despite U.S. president Donald Trump's proven track record of supporting his country's oil industry, oil dipped on Monday due to analysts reportedly concerned about his post-inauguration declaration that he would rally behind the energy sector.
Brent settled down 64 cents at $80.15 in early settlement due to the Martin Luther King Jr. Day holiday; West Texas Intermediate declined by $1.30, at $76.58 (there was no settlement for WTI because of the holiday).
Trump unveiled a sweeping plan to make America a manufacturing nation once again, by among other things withdrawing from the 2025 Paris climate deal and stripping away excess regulation to facilitate oil and gas production; he also promised to refill strategic reserves, which could potentially lift oil prices by boosting demand for crude.
Interestingly, Trump postponed his threatened tariffs against Canada and Mexico, and some analysts assumed this was because he was betting that his executive actions could tame inflation.
But Dominic LeBlanc, finance minister for Canada, wasn't swayed by the brash billionaire's oversight and declared, "Mr. Trump has been in a previous mandate unpredictable, so our job is to make sure we are ready for any scenario."
In late breaking news on Monday, Trump told media he's thinking of imposing his 25 percent tariffs in February.
In rare non-Trump news on Monday, the Finnish Border Guard reported that Russia's oil shipments via the Baltic Sea declined 10 percent over the final four months of 2024 due to the European Union sanctions against Russian oil and gas exports.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 611.50 | 1.50 | 756.50 | 4.00 |
| Rotterdam | 559.00 | 2.00 | 724.00 | 4.50 |
| Houston | 599.00 | 2.50 | 777.00 | 2.50 |
| Fujairah | 598.00 | 0.00 | 792.00 | 1.00 |
| Global 20 Ports Average | 619.00 | 1.50 | 816.50 | 0.50 |
| Global 4 Ports Average | 592.00 | 0.50 | 762.50 | 1.50 |
| Global Average Bunker Price | 658.00 | 0.50 | 851.00 | 0.00 |
Popular Now More
-
Jan 20President Trump raised his concerns over Panama Canal tolls charged to US-flagged ships in a speech after being sworn into office on Monday. -
Jan 21Meanwhile, EU sanction against Russia are again showing a desired effect. -
Jan 15Kimberly Westmoreland has taken on the role of marine business development and energy transition director at World Fuel Services as of this month.