Are Tariffs the New Oil Bear?
Fresh U.S. tariffs on multiple trading partners took effect Thursday, raising fears of slower global growth. Weaker economic activity typically reduces fuel consumption, particularly in trade-heavy economies, which could trim refinery runs and crude imports in the months ahead.
Putin and Trump: A Game-Changer or Just Noise?
The Kremlin confirmed a Trump–Putin meeting in the coming days. If sanctions on Russian oil are eased, additional barrels could hit the export market, especially to Asia, which would likely weigh on prices. Conversely, if talks collapse and sanctions tighten, some supply could be sidelined, offering a bullish shock.
Inventory Draw Can’t Change the Mood
The EIA reported a 3 million barrel draw in U.S. crude stocks, a sign that domestic demand or exports remain firm. However, the broader backdrop of tariff-driven demand risks muted the reaction, suggesting traders are prioritizing forward-looking consumption fears over current stock levels. The U.S. rig count also edged higher to 411, signaling steady-to-slightly higher domestic supply potential.
