Name: Oil fluctuates as Trump signals Canada tariffs
Uploaded: 2025-01-21T15:50:42.700Z
Duration: 2 min 50 s
Description: Oil swung between gains and losses as traders digested a slew of pledges and executive orders from U.S. President Donald Trump, including the threat of tariffs on Canada and plans to boost domestic energy output.

Oil swung between gains and losses as traders digested a slew of pledges and executive orders from U.S. President Donald Trump, including the threat of tariffs on Canada and plans to boost domestic energy output.

New York

Donald Trump is preparing to take office after defeating Kamala Harris in the U.S. Presidential election.

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Oil prices have been fluctuating as traders respond to recent actions and statements from U.S. President Donald Trump. Trump has signed several executive orders and hinted at potential tariffs on Canada, creating uncertainty in the market. Initially, there was no mention of tariffs in the executive orders, as discussions indicated a study on their implementation. However, an offhand remark by Trump suggested that tariffs on Canada and Mexico might begin soon, affecting market dynamics.

Additionally, Trump has discussed filling the U.S. strategic oil reserve, which currently holds its lowest level of oil in decades. Such a move would generally be seen as bullish for the oil market. However, the market remains uncertain about the specific details of this plan. Trump's stance against Russia, Iran, and Venezuela may potentially decrease the availability of crude oil in the market, driving further market shifts.

In another energy-related decision, Trump lifted a freeze on new LNG (liquefied natural gas) export approvals imposed by the Biden administration. The U.S., already the world's largest LNG exporter, could see a significant increase in LNG exports by the end of the decade, potentially reinforcing its position as a leading supplier of natural gas globally. 



Oil fluctuates as Trump signals Canada tariffs

He's back, right? I mean, this is what happened before. And now we're doing it again. So yes, you can't predict this. You don't know what he's going to say. Immediately, initially, when you started to see some of the executive orders coming through from the White House, there was no mention of tariffs. There were reports overnight that he wouldn't be implementing the tariffs and he would study it. Even on China, he said that they were still studying whether or not they would do that. But then he had an offhand remark right here when he was signing an executive order saying, hey, maybe, you know, I'm thinking from February 1 we're going to do something with Canada and Mexico. And suddenly, the market mood sort of shifts. He made comments earlier about filling up their strategic reserve, which is at the lowest level in decades. That's bullish, right? If you buy a whole bunch of oil, but there are no details. So now the market is back into reading the Trump tea leaves, trying to decipher what is fact and what is more just political rhetoric. And I think you're going to see a lot of that. Now, while you're seeing swings in the oil market, I think the mood generally is still bullish because it does indicate that he's, you know, they're going to take a hard line on Russia. The Biden administration, when they were leaving, they put some sanctions on Russian ships, the Shadow Fleet. He could take a harder line on Iran and Venezuela, which would reduce the amount of crude in the market. And also, the tariffs, if they do follow through, could result in higher gasoline and energy prices in the US because while the US is a major producer of energy, they still do depend on Canada for a bit of import. OK, so do not be deceived, even if Brent is trading flat right now. What about LNG? We had Trump lifting Biden's freeze on new LNG export approvals. How is that going to affect gas exports? Yeah, I think that's a really interesting story because US LNG exports, liquefied natural gas exports, are set to double by the end of this decade. That's before the Biden pause. Those are projects that are already approved, under construction, and ready to go. Now, with Trump lifting this pause, you could see the US LNG, you know, already, the US is already the world's biggest LNG exporter. You could see those numbers increase even further. Now, that's not going to be something that's going to happen today or tomorrow. This is something more closer to 2028, 2029, and into the 2030s. But it's interesting because if this does result in projects moving forward, if this does result in Asian and European buyers agreeing to buy LNG from the US for decades under new contracts, this will ultimately not only increase the amount of exports from the US towards 2030 onward, it would also cement the US as the world's biggest supplier of natural gas, essentially, for the foreseeable future.

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